Berkshire Meeting: Munger on Buffett's Apple Investment: 'Either You've Gone Crazy, or You're Learning'

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There's a question from the floor about Berkshire's new Apple investment, and about whether Mr. Buffett has changed his stance on investing in tech. He was famously averse to it for about five decades before taking the IBM stake a few years ago.

Mr. Buffett again admits that he messed up on IBM, and says that Apple is more of a consumer goods company, albeit one with a "huge tech component."

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In terms of his ability to evaluate the company, "I make no pretense whatsoever of being on the intellectual level of some 15-year-old who has an interest in tech" but says he may have worthwhile insights into consumer behavior.

"I have gained no real knowledge about tech," he says.

But Mr. Munger says he's selling himself short.

"It's a very good sign" that Berkshire's bought Apple, he says. "Either you've gone crazy, or you're learning," and he believes that Mr. Buffett is learning.

Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:

Write to Erik Holm at

(END) Dow Jones Newswires

May 06, 2017 15:42 ET (19:42 GMT)