Tim Cook Could Have Purchased Any of 488 S&P 500 Companies With $879 Billion. Instead, He Bought Something That Changed Apple's Fortune Forever.
Apple’s now-former boss made a never-before-seen wager on a prized asset.
Overview
This has been a year defined by two trends: the artificial intelligence (AI) data center build-out and major transitions. Concerning the latter, we've watched Kevin Warsh be sworn in as the new head of the Federal Reserve, and witnessed the respective retirement of Berkshire Hathaway's (NYSE:BRKA)(NYSE:BRKB) Warren Buffett on Dec. 31 and Apple's (NASDAQ:AAPL) Tim Cook as CEO on Sept. 1. Both remain executive chairs of their respective boards.
Over the roughly 15 years Cook held the reins at Apple, his company's shares appreciated by approximately 2,720% (including dividends), representing a nearly 2,000-percentage-point outperformance of the benchmark S&P 500 (SNPINDEX:^GSPC). Apple also held the top spot as the world's most valuable public company for years.
Now-former Apple CEO Tim Cook transformed his company with a nearly $879 billion investment. Image source: Official White House Photo by Daniel Torok.
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Originally published at www.fool.com.