BERKSHIRE USURPS APPLE AS TOP STOCK PICK
Berkshire usurps Apple as top stock pickOCTOBER 23, 2013
NEW YORK] Warren Buffett’s Berkshire Hathaway Inc regained its ranking as the favourite stock pick among US and Canadian multimillionaires, beating Apple Inc and fending off the increasing preference for exchange-traded funds.Members of Tiger 21, a New York-based group of wealthy investors, selected Berkshire in an annual survey of preferred investments released yesterday. Apple, which had held the No 1 spot the last two years, slipped to No 2.”The bloom is off of Apple,” Michael Sonnenfeldt, founder and chairman of Tiger 21, said in an interview. “For people who held Berkshire Hathaway, it’s held its appeal, but for Apple, a lot of people who were on that ride have realised that perhaps the best days are behind it.”Apple’s share price has fallen by more than one-fourth from its September 2012 record high as the Cupertino, California-based company battles lower-cost rivals and seeks to prove it can innovate without late co-founder Steve Jobs. The Berkshire choice shows members’ satisfaction with Buffett’s investing strategy even as the 83-year-old chief executive officer won’t publicly identify a successor.Read more: http://www.businesstimes.com.sg/premium/world/berkshire-usurps-apple-top-stock-pick-20131023
