Buy low, sell high.
There is some poetry perhaps in Carl Icahn selling his Apple shares to Warren Buffett.
— Horace Dediu (@asymco) May 16, 2016
See Reuters, Bloomberg, Fortune, Forbes and the Wall Street Journal.
UPDATE: Berkshire Hathaway bought the shares, not Buffett. See here.
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“We don’t get into things we don’t understand. We buy very few things, but we buy very big positions. Know what you own, own a few and buy a lot.” – Warren Buffett
The interesting aspect is how small Mr. Buffett’s aquisition is relative to the outstanding AAPL stock count. Apple itself will dwarf this number in it’s AAPL purchases this quarter.
Logically, if it’s a smart buy for Mr. Buffett, it’s just as smart a buy for Apple. In fact, looked at as an independent acquisition by a long term holder of AAPL, Apple’s purchase of at least (6.62-5.48=) 1.14 billion shares or at least (1.14/6.62=) 17.2% of the shares outstanding in 2012, at an average price about equal to Mr. Buffett’s price, makes Apple about a hundred times smarter than Mr. Buffett!
So how dumb does that make the stock market?