QuestionerThis question comes from Vittorio Aguichi from Switzerland, who writes in why in the recent past did Berkshire sell some of the common stocks owned on Apple? If the company is considered Berkshire's fourth jewel, why didn't Berkshire buy more of Apple stocks in 2020? This seems to be counterintuitive.
WarrenWell, we have 5.3% or something like that now. It's gone up in the first quarter because we bought in our shares, which helps our own shareholders expand their interest in Apple. directly without laying out a penny. And then Apple's repurchase its shares and just announced another repurchase program. So let's say we look at Apple as a business that we own 5.3%. Now, we've got it's a marketable security, so it shows up as way greater than any other marketable security we have. But, of course, if you look at our railroad, we mentioned, well, the Union Pacific is selling for about $150 billion in the market. We own one that's a little larger than the Union Pacific and making a little less money, but not much less. So it's an extraordinarily apple. It's got a fantastic manager. Tim Cook was underappreciated for a while. He's one of the best managers in the world. I've seen a lot of managers. And he's got a product that people absolutely love. And there's an installed base of people, and they get satisfaction rates of 99%. And I get the figures from the furniture marters to what's being sold. And if people come in and they want an Android phone, they want an Android phone, if they want Apple, they want an Apple phone, you can't sell them the other one. I mean, the brand, and the product is, it's an incredible product. huge bargain to people. I mean, the part it plays in their lives is huge. I use it as a phone, but I'm probably the only guy in the country. You know, maybe some dissent of Alexander Graham Bells are doing the same thing. But it is indispensable to people. And, you know, it costs, you know, car costs $35,000. And I'm sure with some people, have you asked them whether they wanted to give up their, they'll give up their Apple or give up the give up their car, you know, and really make the choice for the next five years. You know, who knows what they do, but it is, it's, it's, and we, you know, we got a chance to buy it. And I, uh, I sold some stock last year, although our shareholders still had their percentage interest go up because we repurchase shares.
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WarrenBut that was, that was probably a mistake. And I, I think, and Charlie, in his usual, low-key way, uh, let me know that, that you thought it was a mistake, too, didn't, Shirley?
OtherYes.
WarrenYeah. Yeah. I could only do so many things that I can get away with, Charlie. I kind of used them up between Costco's Apple. So, uh, and suddenly, he probably, I'm, well, he's very likely was right in both circumstances. It's an extraordinary business. But I do want to emphasize that, uh, in his own way, it's a different way. way, but Tim Cook is, we see a lot of managers of a lot of businesses, and you're looking at two great ones on the both ends here, uh, he's handled that business so well. He couldn't do what Steve Jobs obviously could do in terms of, of creation, uh, but I don't, but Steve Jobs couldn't really, I don't think, do what Tim Cook has done in many respects.