Published: Thu, February 27, 2020
Electronics | By Kelly Massey

Reaching for yield is 'stupid' but a human impulse - Warren Buffett

Reaching for yield is 'stupid' but a human impulse - Warren Buffett

Considered one of the world's greatest investors, Warren Buffet traditionally stayed away from tech stocks until he started to amass a position in Apple years ago that now amounts to a 5.5% ownership stake in the company. In 2016, Sanders criticized Buffett for not supporting solar power at an energy utility he owns in Nevada. Is it an iPhone 11?

"Reaching for yield is really stupid, but it's very human", Buffett said Monday in an interview on CNBC. On the interview, Buffet revealed that he mostly uses it for basic functions such as making calls, therefore it will be same to assume that he doesn't give much thought about the nitty-gritty details of the kind of smartphone he's using as long as it gets the job done.

"You are seeing an 89-year-old boy who is just beginning to do so,". What did he do with his old phone?

It's a good thing someone got an iPhone in his hands because otherwise he might have fallen prey to the recent revival of flip phones in the form of foldables.

Buffett's phone use has been a subject of interest across the last decade as smartphones have become ubiquitous. He has used an iPad in the past, to keep tabs on stock prices.

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Buffett also teased a clip that will be shown at Berkshire Hathaway's annual meeting in Omaha this May: "It will probably show me crushing with my foot my old flip phone while cozying up to the new smartphone", he said.

He did not personally purchase the smartphone but was gifted several of them by many people including Tim Cook, CEO of Apple.

Buffett spoke two days after Berkshire said operating profit fell 3 per cent in 2019 to $23.97 billion, hurt by losses from insurance underwriting, while unrealized gains in Apple Inc and other investments boosted net income to a record $81.42 billion.

The Buffet change comes at a crucial moment, since it is 2020 and the future of folding phones, with folding screens, are returning to the markets, such as the new Moto Razr and the Samsung Galazy Z Flip.

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