You don’t become one of the top five wealthiest men in the world without having your finger on the pulse. Known for being the “Oracle of Omaha,” Warren Buffett has made his fortune by being able to read the signs and buy and sell stock accordingly.
In an interview with CNBC, Buffett talked about why he is such a fan of Apple, which is number two on the list of companies that Berkshire Hathaway has the most stock in (the top one is Wells Fargo).
“Apple has an extraordinary consumer franchise,” Buffett explained. “I see how strong that ecosystem is. … You are very, very, very locked in, at least psychologically and mentally, to the product you are using. [IPhone] is a very sticky product.”
But apparently not sticky enough to tempt Buffett away from his long standing use of his Nokia flip phone. It seems that even someone as attuned to the future as the 87-year-old CEO remains somewhat stuck in his ways — not even Apple CEO Tim Cook can convince him otherwise.
“Tim Cook asked me that,” Buffett told CNBC. “Well the answer is just I’m out of touch. But I tell Tim, as long as I haven’t gotten one the market is not saturated. The day I buy one, there is probably nobody left after that.”