Photo: Associated Press
A great anecdote from Warren Buffett’s appearance on CNBC this morning involved Steve Jobs.Two years ago Steve Jobs called up Buffett and said “We’ve got all this cash. Warren, what should we do with it?”
After discussing several options, Buffett recommended repurchasing Apple stock, which Jobs said he knew was undervalued.
Jobs didn’t take his advice, deciding instead to sit on his cash.
At the time Apple stock was trading around $200. Now it trades at $522.
Buffett says about the company: “I’ve never bought Apple, but I wish I had.”
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