Selling Apple shares 'was probably a mistake' ace investor Warren Buffett admits

Berkshire Hathaway Vice-Chairman Charlie Munger, Warren Buffett's business partner, was against selling Apple stock.

He, too, can go wrong. Berkshire Hathaway Chairman Warren Buffett has admitted that selling shares of technology giant Apple was a mistake.

The renowned investor, often called the "Oracle of Omaha", made the remarks at the company's annual shareholders meeting on May 1, which was held virtually for the second year in a row.

"We got a chance to buy it and I sold some stock last year," he was quoted as saying by CNBC. "That was probably a mistake."

In the fourth quarter of 2020, Berkshire lowered its Apple stake by 3.7 percent to about 944 million shares. Buffett said Apple's stock is a "huge, huge bargain". He also said "it is indispensable to people".

Berkshire Hathaway Vice-Chairman Charlie Munger, Buffett's business partner, was against selling Apple stock. Buffett joked that Munger had expressed his view "in his usual low-key way".

Buffett cautioned investors against gambling on stocks. In his view, stock trading platforms that allow people to buy and sell stocks for free, such as Robinhood, are only encouraging that gambling.