Warren Buffett suggests Apple Inc to buyback more shares

Musk teases Buffett with candy promises

Buffett, chairman and CEO of Berkshire, and his longtime investing partner Munger spoke to the tens of thousands attendees on a wide range of topics, from their massive stake in Apple AAPL, to missing out on Amazon AMZN and Alphabet GOOGL 's Google, to bashing bitcoin as "rat poison".

After first investing in Apple in 2016, the iPhone maker is now the largest holding of Buffett's Berkshire Hathaway, which owns a staggering 250 million Apple shares, Buffett said Saturday.

Apple stock climbed to record heights Monday following bullish comments from billionaire investor Warren Buffett.

"I clearly like Apple".

But the icing on the cake was when, on the eve of its annual shareholder meeting, Berkshire Hathaway purchased 75 million more shares of the tech giant.

Buffett said their promotions have been "very, very good" for the company.

After offering its first stock buyback in August 2012, Apple has bought back $200 billion worth of stock, and just announced last week that it would repurchase an additional $100 billion in its shares. There is no reason at all for me to encourage other people to buy Apple.

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Buffet quoted "They are not going to find $50 billion or $100 billion acquisitions that they can make at remotely a sensible price".

The epicenter of the festivities is Omaha's CenturyLink Center exhibition space: One wing is fully devoted to booths of Berkshire Hathaway-owned brands.

Months earlier, many grew increasingly concerned that Apple's top-of-the-line phone has been a dud among consumers, due to its hefty US$1,000 price tag.

The legendary investor also threw shade on day traders, who he said totally miss the point of investing in a company like Apple.

Although investors enjoy speculating on which companies Apple should acquire, Buffett, ironically, is quite pessimistic about its M&A potential. "We buy them to hold", Buffett told CNBC. "So we very much approve of them repurchasing shares".

The endorsement was well received and Apple CEO Tim Cook responded to the endorsement and appreciation in kind in a statement where he said, "On a personal level, I've always greatly admired Warren and have always been grateful for his insight and advice".

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