Warren Buffett On Apple's Future
Warren Buffett, the world's third-richest man, is still "wary" of investing in companies like Apple, according to a Bloomberg article about the billionaire.
Buffett isn't swayed by Steve Jobs' "magical" iPad and "revolutionary" iPhone 4. As far as investments go, Buffett said he is more likely to keep away from consumer electronics, as he has in the past, in favor of companies like Coca-Cola.
"Even though Apple may have the most wonderful future in the world, I'm not capable of bringing any drink to that particular party and evaluating that future," Buffett said during a visit to South Korea. "I simply look at businesses where I think I have some understanding of what they might look like in five or 10 years."
"We held very few in the past and we're likely to hold very few in the future," Buffett said of electronics makers. He noted that a company like Coca-Cola, on the other hand, is "very easy for me to come to a conclusion as to what it will look like economically in five or 10 years, and it's not easy for me to come to a conclusion about Apple."
Though Buffett may not be a techie, the Oracle of Omaha said in an interview last year that he actually spends more time at his computer than Bill Gates, passing over 12 hours a week playing bridge online.
See Buffett discuss his tech habits in the video below.