Warren Buffett dubs Apple 'best business I know in the world'

In its annual letter to Berkshire Hathaway shareholders, Warren Buffett disclosed that he has a 5.7 percent year-end ownership in Apple stock, according to CNBC.

"It's probably the best business I know in the world. And that is a bigger commitment [than] we have in any business except insurance and the railroad," Mr. Buffett told CNBC.

Rather than thinking about owning stock, Mr. Buffett views Apple as a third business. As of late 2019, Berkshire Hathaway owned more than 245 million Apple shares, totaling nearly $72 billion. Apple's shares have continued to climb approximately 80 percent over the past 12 months.

Berkshire Hathaway also invests heavily in insurance giant Geico Auto Insurance and North American railroad BNSF as wholly owned subsidiaries, reports CNBC.

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