Has Greg Abel Found Berkshire Hathaway's Next Apple? He's Put $23 Billion Into This Company So Far and Could Buy Even More.
Apple was Buffett's largest and most successful investment ever. This stock could be Abel's.
Overview
Warren Buffett once joked that departing Apple (NASDAQ: AAPL) Chief Executive Officer Tim Cook made more money for Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) shareholders than he ever did as CEO. Indeed, Buffett's decision to buy Apple, and a lot of it, turned out to be one of his most lucrative investments of all time. And while Buffett sold a huge chunk of the investment before stepping down as CEO, Apple remains Berkshire Hathaway's largest holding.
Greg Abel took over for Buffett at Berkshire at the start of the year, and he's started to exert his own influence on the company's enormous equity portfolio. Buffett left him with roughly $369 billion in cash and equivalents to deploy, as well as several dozen companies generating substantial free cash flow each quarter. After deploying an estimated $23 billion into a single stock, however, Abel may have already found Berkshire's next Apple.
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Originally published at www.fool.com.