Warren Buffett thinks pizza is more valuable than iPhones right now
Buffett's Berkshire Hathaway has added 1.3 million shares of Domino's Pizza, while shedding its stake in Apple
Warren Buffett’s Berkshire Hathaway acquired a stake in Domino’s Pizza in the third quarter, even after dumping millions of dollars worth of Apple and Bank of America to grow its cash pile.
In the three months ended Sept. 30, Berkshire bought 1.3 million shares of the pizza chain worth about $550 million, according to a filing with the Securities and Exchange Commission released Thursday.
Dominos stock popped 6% in pre-market trading Friday.
The sprawling Omaha, Nebraska-based conglomerate grew its cash pile to a whopping $325.2 billion last quarter, selling a total of $36.1 billion of stock, including considerable chunks of some of its long-held investments.
Berkshire trimmed a quarter of its remaining stake in Apple, bringing its investment in the iPhone maker to $69.9 billion. It was the fourth consecutive quarter of cuts to Berkshire’s holdings in Apple, which are now down by almost two-thirds from the $174.3 billion it owned at the start of the year. Berkshire halved its Apple stake in the second quarter.
But Buffett has signaled that he doesn’t plan to ever let go of his Apple stake altogether. During a question-and-answer session with Buffett at Berkshire’s annual shareholder conference in May, the 94-year-old investor said it’s “extremely likely” Apple remains Berkshire’s largest common stock holding — and that it will stay that way unless something dramatic happens.
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may goodness this man is so different when it comes to investments. Is he still holding to the same idea he had when Bill Gates asked him to invest in tech? Maybe he sees that innovation can slow down but food won't 🤔