Earlier this week, we reported that Berkshire Hathaway, the conglomerate founded and run by Warren Buffett, had purchased an addition 75 million AAPL shares during the first quarter of this year. Now, Buffett says he wants to buy even more of the company…

Speaking at the annual Berkshire Hathaway shareholder meeting, Buffett praised Apple for creating “extremely sticky” products that bring customers into its ecosystem. The comments were first reported by Reuters.

Furthermore, Buffett said that he would love to see Apple go down in price so Berkshire Hathaway could further increase its ownership. The conglomerate is currently the third largest Apple shareholder:

“We would love to see Apple go down in price,” Buffett said. Berkshire is now Apple’s third largest shareholder, behind Vanguard Group and BlackRock Inc.

Buffett also praised Apple’s announcement of a $100 billion share buyback program. The company made the announcement last week, saying it plans to use some of its excess cash to repurchase shares and increase dividends.

Buffett loves the idea as it would seemingly increase Berkshire’s 5 percent stake in Apple due to the decrease in total outstanding shares:

“I’m delighted to see them repurchasing shares,” Buffett said. “I love the idea of having our 5 percent, or whatever it is, maybe grow to 6 or 7 percent without our laying out a dime.”

Berkshire Hathaway revealed last week that it had bought an additional 75 million Apple shares during Q1 2018, increasing its total stake to 240.3 million shares, worth over $44 billion. The news sent AAPL to a new all-time high, with Tim Cook himself saying that the company is “thrilled” that Buffett is a major investor.

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About the Author

Chance Miller

Chance is an editor for the entire 9to5 network and covers the latest Apple news for 9to5Mac.

Tips, questions, typos to chance@9to5mac.com