2018.05.0619:07:00UTC+00Buffett Wants Bigger Bite of Apple Inc., Endorses Firm’s Buybacks

Renowned investor Warren Buffett has been on a shopping spree for Apple Inc. shares and indicated on Saturday that he would acquire even more shares at the right prices.

Addressing Berkshire Hathaway Inc.'s annual shareholder offering, the billionaire lauded the company for developing “extremely sticky” productions that consumers have become attached to and advocated Apple's decision to repurchase its stock, stating it was the tech giant's most productive use of cash.

Buffett added that he would want to see Apple go down in price.As of the moment, Berkshire is Apple's third biggest shareholder, coming in after Vanguard and BlackRock Inc.

The comments came just two days after the investor disclosed having purchased 75 million additional Apple shares and four days after the iPhone maker said it may buy back $100 billion worth of stock. At the end of 2017, Berkshire has acquired 165.3 million shares

He also described it as a mistake that he never perceived Alphabet Inc's Google and Amazon.com as suitable investments for Berkshire.

Buffett and his longtime business colleague Charlie Munger, also took questions on varying matters including China, Wells Fargo & Co, healthcare and their investment choices from the audience in the meeting.

Buffett said it was unlikely that the U.S. and China would be on a stalemate on trade and believed the nations would prevent themselves from doing “something extremely foolish.

On the matter of the recently adopted tax cuts, the billionaire investor said U.S. corporate tax cuts were good for shareholders but cautioned that the long-term effects of economic choices could be hard to gauge.