The circle grows only through research
$31.1 billion
$161.2 billion
Berkshire’s costValue, end of 2021
| Berkshire’s cost | $31.1 billion |
| Value, end of 2021 | $161.2 billion |
Buffett saw Apple as a consumer business with loyal customers, not as tech. Berkshire began buying in 2016; by 2021 it was its largest holding
Why it matters
Only research moves the line: once a new business is understood, its valuation and its ending can go up. A feeling that you might understand it one day doesn’t count.