To The Moon

Today, I am more curious about what value Apple has given to BRK that made Buffett keep buying it, to the point where 40% of his investment portfolio is composed of Apple stocks. Let's not discuss why Buffett spent 4.1 billion buying TSMC in Q3, but then decided to withdraw 3.8 billion in Q4 (earning a profit of more than 8 million). In 2016 Q1, Buffett bought Apple for the first time: at that time, Apple had 22.18 billion shares outstanding, and today it has 15.82 billion shares, with nearly 28% of the shares bought back over the past seven years. Therefore, even if Apple's EPS has not grown (revenue has not grown) for seven years, the eliminated 28% of the shares can make the remaining shares' EPS grow by 39% per share (1/0.72=1.39). Just eliminating 28% of the shares through the buyback

The semiconductor industry is driven by supply and demand, and technology is a key factor that differentiates companies within the industry. Margins for these companies can fluctuate significantly due to competition and cyclicality. Taiwan Semiconductor $Taiwan Semiconductor Manufacturing(TSM)$ (TSMC) has consistently remained profitable, even as other companies in the industry see declining margins. TSMC is considered especially valuable because it produces over 90% of the world's most advanced chips. This has led to tension between China and the US over control of TSMC, and has also attracted the attention of investor Warren Buffett, whose company Berkshire Hathaway recently acquired a stake in TSMC. Apple, in which Buffett owns a lar