If Warren likes it.
Apple Inc. (AAPL - Get Report) shares extended their record-setting run Friday after billionaire investor Warren Buffett said his Berkshire Hathaway (BRK.A - Get Report) investment firm continues to add to its holdings of the world's most valuable company.
Buffett also said that Apple's flagship $1,000 iPhone was "enormously underpriced" when compared to the value it offers consumers and added that he's a frequent user of his own personal iPad. In an interview with CNBC television Thursday, Buffett said Berkshire added "just a little" more to its 252 million share holding in Apple since the company's last update at the end of June, suggesting a stake that is now worth around $56 billion, or 5% of the Cupertino, Calf.-based tech giant.
"I have a plane that costs me a lot, a million dollars a year or something of the sort," he told CNBC. "If I used the iPhone -- I use an iPad a lot -- if I used the iPhone like all my friends do, I would rather give up the plane."
"Now it's got competition so you can't push the price, but in terms of its utility to people and what they get for a thousand dollars. You can have a dinner party that would cost that, and here this is, and what it does for you, it's incredible."
Action Alerts Plus holding Apple shares were marked 1.16% higher at $227.63 each, a move that tops yesterday's intra-day high of $227.97, extends its year-to-date gain to around 33.3%, and values the group at just over $1.1 trillion.
- Apple Announces its iPhone Event -- Here's What to Expect
- Heads Up, Apple Fans: New iPhones Are Coming Sept. 12