QuestionerHave you or your investment manager's views of the economics of Apple's business or its attractiveness as an investment changed since Berkshire first invested in 2016?
WarrenNo, I would, but we have sold shares, and I would say that at the end of the year, I would think it extremely likely that that Apple is the largest common stock holding we have. Now, one thing that may surprise you, but we, almost everybody I know pays a lot more attention to not paying taxes than I think they should. We don't mind paying taxes at Berkshire, and we are paying a $21% federal rate. 11 the gains we're taking in Apple, and that rate was 35% not that long ago, and it's been 52% in the past when I've been operating in. The government owns, the federal government owns a part of the earnings of the business we make. They don't own the assets, but they own a percentage. of the earnings and they can change that percentage any year and the percentage that they've decreed currently is 21%. And I would say with the present fiscal policies, I think that something has to give, and I think that higher taxes are quite likely. And the government wants to take a greater share of your income or mine or Berkshires, they can do it. And they may decide that someday they don't want the fiscal deficit to be this large because that has some important consequences, and they may not want to decrease spending a lot, and they may decide they'll take a larger percentage of what we earn, and we'll pay it. And we'll pay it. And we always hope at Berkshire to pay substantial federal income taxes. We think it's appropriate that a company, a country that's been as generous to our owners. It doesn't bother me in the least to write that check. And I would really hope that all the America is done for all of you. It shouldn't bother you that we do it. And if I'm doing it, if I'm doing it, it at 21% this year and we're doing it at a higher percentage later on. I don't think you'll actually mind the fact that we sold a little apple this year.