Why did Buffett buy Apple?

Following is the transcript of a CNBC interview with Warren Buffett on CNBC:

– I ask people about products all the time.
– What do you do with iPhone and how?
– Could you live without it?
– When you trade it in what you’re gonna do with it?

– It’s a consumer product.
– It has quite a sticky product and enormously useful product that people would use.
– If they bring in an iPhone, they buy a new iPhone.
– It just has that quality. It gets built into their lives.
– That doesn’t mean something can’t come along that will disrupt it.
– The continuity of the product is huge, and the degree to which their lives center around it is huge.
– It’s a pretty nice franchise to have with a consumer product.

Source: CNBC.com

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