Warren Buffett's Berkshire Hathaway disclosed it has invested more than a billion dollars in Apple, creating renewed interest in the iPhone maker. Bobbi Rebell reports.
Warren Buffett betting a billion dollars on Apple. The investment, which was revealed Monday in a regulatory filing from Berkshire Hathaway, actually took place some time in the first quarter, meaning Buffett is already underwater on his investment. But news of the move lifted Apple's stock. Meridian Equity Partners' Jonathan Corpina: (SOUNDBITE) JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS, (ENGLISH) SAYING: "I think this was the right entry point for Mr. Buffet to get in, and, I think, you are going to see retail investors get in there, too." The investment caught some by surprise because Buffett hasn't historically been a big investor in technology. But he recently increased his stake in IBM and offered to help Dan Gilbert, the chairman of Quiken Loans, finance a bid for the core assets of Yahoo. Patrick Moorhead of Moore Insights and Strategy. (SOUNDBITE) PATRICK MOOREHEAD, PRINCIPAL, MOORE INSIGHTS AND STRATEGY, (ENGLISH) SAYING: "I think what they are looking at is the true potential of Apple over the next three to five years. I think, a lot of the people who are bailing now are profit takers, and who are really looking at Apple for the next 12 months before things like the Apple Watch kick in, before things like Health Kit." But both launched more than a year ago. Apple reported its first quarterly decline in revenue in 13 years last month, in large part because iPhone sales fell for the first time in history.