Warren Buffet: Apple is a Better Business Than Any Other We Own [Video]

Berkshire Hathaway Chairman and CEO Warren Buffett described Apple as a 'better business than any other we own' at the company's annual meeting this week.

Apple is different than the other businesses we own. It just happens to be a better business than any we own and we put a fair amount of money in it, but we haven't got more money in it than we've got in the railroad and Apple is a better business.

Our railroad is a very good business. It's not remotely as good as Apple's business, but Apple you know has a position with consumers where they're paying you know, maybe they'll pay 1500 bucks or whatever it may be for a phone, and these same people pay $35000 for having a second car, and if they had to give up a second car or give up their iPhone, they'd give up their second car.

I mean it's an extraordinary, we don't have anything like that that we own 100% of, but we're very very very happy to have 5.6% or whatever it may be percent and we're delighted every tenth of a percent that it goes up. It's like adding 100 million dollars to our earnings, I mean our share of the earnings, and they use their earnings to buy out our partners which we're glad to see them sell out too. The index funds have to sell out, they bring the number of shares down and uh you know I am good. We went up slightly last year and I made a mistake a couple of years ago and I sold some shares when I had certain reasons why ah gains were useful to take that year from a tax standpoint, but having heard having heard me say that, it was a dumb decision.

Apple recently reported Q2 FY23 earnings of $94.8 billion in revenue and $24.2 billion in net income. While down around 3% from the year ago quarter, the company performed better than some analysts expected.

Check out more of Warren Buffett's comments on Apple in the CNBC video embedded below...