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Apple should buy back shares: Warren Buffett

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San Francisco, May 6 (IANS) A day after multinational conglomerate Berkshire Hathaway acquired another 75 million shares of Apple, its CEO Warren Buffett said the iPhone maker should spend more cash buying its own shares.

“They are not going to find $50 billion or $100 billion acquisitions that they can make at remotely a sensible price,” ReCode quoted Buffett as saying at the company’s annual meeting held at Omaha city in the US state of Nebraska.

It is a better idea than spending that money on other companies which have the disadvantage of not being Apple, he added.

Apple posted a healthy revenue of $61.1 billion and net quarterly profit of $13.8 billion globally for its second quarter for fiscal 2018, defying global reports of a weakened demand for its iPhones.

Following this, Berkshire Hathaway acquired more shares and now owns a large slug of Apple stock and has 5 per cent stake in the company.

At the end of the first quarter of 2018, Berkshire owned $40.7 billion of Apple’s shares — up from $28.2 billion at the end of 2017, The New York Times reported.

He also said he likes Apple’s plan to spend $100 billion buying its own shares.

“I’m delighted to see them repurchasing shares. We own 5 per cent of it. With the passage of time, we may own 6 or 7 per cent because they repurchase shares,” he was quoted as saying.

On having never invested in Microsoft, Buffett said that “in the earlier years, the answer is stupidity”. He stayed away from investing “because of the inference” that could be drawn.

On e-commerce firm Amazon, he said: “The truth is that I’ve watched Amazon from the start and I think what (Amazon CEO) Jeff Bezos has done is something close to a miracle. The problem is if I think something will be a miracle, I tend not to bet on it.”

Buffett said he had “made a mistake” on conglomerate Alphabet. He said he was unable to conclude that at Alphabet’s present prices, its “prospects were far better than the prices indicated”.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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