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Warren Buffett: 'I don’t have to do a thing' to own more of Apple

CNBC logo CNBC 5/7/2018 Tae Kim

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Berkshire Hathaway Chairman and CEO Warren Buffett reiterated his support for Apple'sAAPL plan to buy back more of its own shares.

On Tuesday, the smartphone maker announced a new $100 billion stock buyback program.

"When I buy Apple, I know that Apple is going to repurchase a lot of shares," Buffett said on CNBC's "Squawk Box" Monday, following Berkshire's annual shareholder meeting. "We own about 5 percent. But I know I don't have to do a thing and probably in a couple of years we'll own 6 percent without laying out another dollar. Well, I love the idea of having 5 percent go to 6 percent. The cheaper the stock is the more they will get for their money. There is no reason at all for me to encourage other people to buy Apple."

Billionaire investor Warren Buffett appeared from Omaha, where Berkshire HathawayBRK.A held a weekend of events around Saturday's annual meeting.

Buffett, chairman and CEO of Berkshire, and his longtime investing partner and vice chairman, Charlie Munger, spoke to the tens of thousands attendees on a wide range of topics from their massive stake in AppleAAPL to missing out AlphabetGOOGL's Google and AmazonAMZN to bashing bitcoin as "rat poison."

With Berkshire's 2018 annual meeting in the books, users can revisit the highlights in CNBC's Warren Buffett Archive, which houses searchable video from 25 full annual meetings, going back to 1994, synchronized to 2600 pages of transcripts. The Warren Buffett Archive also includes 500 shorter-form videos arranged by topic, CNBC interviews, a Buffett Timeline, and a Berkshire Portfolio Tracker.

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