Apple might be the greatest thing since sliced bread for many technology enthusiasts, but the world’s third richest man, Warren Buffett, says he won’t be investing in the world’s largest tech giant anytime soon.
Buffet told Bloomberg that he’s “wary” of investing in Apple because he simply doesn’t know what the company will look like in 5 or 10 years.
According to Buffet, just because Steve Jobs causes his iPad “magical” and his iPhone 4 “revolutionary” doesn’t mean the company will look the same way in the eyes on consumers years down the road.
Instead Buffet chooses companies along the lines of Coca-Cola since he can more easily picture how the company will look down the road.
According to Buffet:
“Even though Apple may have the most wonderful future in the world, I’m not capable of bringing any drink to that particular party and evaluating that future,” Buffett said during a visit to South Korea. “I simply look at businesses where I think I have some understanding of what they might look like in five or 10 years.”
“We held very few in the past and we’re likely to hold very few in the future,” while noting that Coca-Cola is “very easy for me to come to a conclusion as to what it will look like economically in five or 10 years, and it’s not easy for me to come to a conclusion about Apple.”
Joking about his computer time, Buffett says he actually spends more time in front of his computer than good friend Bill Gates (minus email time). Apparently he plays around 12 hours of online bridge each week.
Here’s a video in which Buffett talks about his computer habits: