Warren Buffett says Berkshire Hathaway buying own stock, more Apple

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Billionaire Warren Buffett's Berkshire Hathaway has picked up stake in Paytm and will get a position on the Board, the largest digital payments company in India said today.

One of Buffett's investment deputies, Todd Combs, seen as a potential chief investment officer at Berkshire, was leading the Paytm deal and has been given a seat on its board, the company said on Tuesday.

A better alternative is to invest in an American stock that is known to "earn a lot of money relative to the capital put in", the Berkshire CEO said.

"I don't know when to buy stocks, but I know whether to buy stocks", Buffett, celebrating his 88th birthday, said on CNBC television. The investment is worth more than $50 billion and makes Berkshire the third-biggest shareholder in Cupertino, California-based Apple, with a more-than 5 percent stake, according to data compiled by Bloomberg.

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A buy-back policy announced in July gave Buffett, who has gone 2-1/2 years since a major acquisition, a new way to deploy Berkshire's $111.1 billion of cash and equivalents.

Buffett said Apple can not now increase the price of the iPhone due to competition in the market.

Berkshire's old policy forbade buybacks unless the price exceeded 1.2 times book value per share.

The Oracle of Omaha, famed investor, and head of Berkshire Hathaway, Warren Buffett, is adding to his already large stake in Apple. When asked whether he'd support Apple purchasing Musk's electric-car manufacturer, Buffett stated: "I'd support whatever Tim Cook does, but I think it'd be a very poor idea to get in the auto business".

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He said he uses his iPad "a lot", and that the iPhone is "enormously underpriced" even when it costs $1,000, given how indispensable it has become for so many people.

Buffett spoke at the Smith & Wollensky steak house in Manhattan before dining with the person who in June agreed to pay $3,300,100 at an annual charity auction to join him.

Buffett was in New York Thursday to dine with the victor of his annual lunch auction, which benefits San Francisco-based charity Glide.

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