Buffett Says His IBM Thesis Was Flawed, He Blew It on Google
- Berkshire CEO says Apple offers different opportunity than IBM
- Munger, Buffett lament missed chances in technology sector
Why Warren Buffett Is Reducing His Stake in IBM
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Warren Buffett, who long shunned investments in technology stocks and then made an ill-fated bet on IBM, said that mistake shouldn’t discourage wagers on the broader industry.
“I thought it would do better in the six years that have elapsed than it has,” Buffett said of International Business Machines Corp. Saturday, at the annual meeting of his Berkshire Hathaway Inc. “And Apple, I regard them as being in a quite different business. I think Apple is much more of a consumer-products business” with skill at finding opportunities that are difficult for rivals to duplicate.