Buffett Loses $112 Million on Apple Shares

nick-moccia

In my article last week titled Buffett Buying More Apple Shares? I mentioned that it seemed out of character for Warren Buffett to be investing in a company like Apple, and that it had the look and feel of a purchase by his new stock picking team.

Well just this week Buffett confirmed in an email that he was not the one responsible for adding the $1 billion in Apple shares to Berkshirea��s portfolio but his new stock picking duo, former hedge-fund managers Tom Combs and Ted Weschler were actually the ones behind the purchase.

That probably comes as no surprise to Buffett fans. And you certainly cana��t blame him for sticking with what he does best.

Besides, his most well-known tech investment to date, IBM, has lost about 20% of its value the last five years while the market has risen about 69% during this time. A�So why wouldna��t Buffett continue to dance with the one who got him here?

Ita��s early in the game but it looks like his new lieutenants are not doing much better in the tech arena. According to an article in the Wall St. Journal Berkshirea��s $1 billion worth of Apple shares have fallen to about $888 million since the end of the first quarter.

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Nick Moccia
Publisher,
Weiss Educational Services