Warren Buffett Thinks This Company is the Best Business in the World

The “Oracle of Omaha” whose also known as Warren Buffett, has made his fortune in making successful and smart investments. This means the billionaire investor is familiar with a lot of companies.

Buffett has called one particular company, the “best business I know in the world” this week. He told CNBC on Monday that Berkshire Hathaway’s “third-largest business,” after its insurance and railroad interests, is its stake in Apple.

“I don’t think of Apple as a stock. I think of it as our third business,” Buffett said. “It’s probably the best business I know in the world. And that is a bigger commitment that we have in any business except insurance and the railroad,” he said on “Squawk Box.”

Buffett’s annual letter to Berkshire shareholders, released on Saturday, showed a 5.7% year-end ownership in Apple stock. According to a Dec. 31 filing with the government, as of late last year, Berkshire owned more than 245 million shares of Apple, worth nearly $72 billion.

For the longest time Buffett had declined to use an iPhone but he told CNBC that he finally gave in and switched to Apple’s smartphone.

“My flip phone is gone,” he said. “I’ve been getting several of them” over the years, including from Apple CEO Tim Cook.

In the last year, shares of Apple have climbed around 80%.

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.