Apple Inc. (AAPL) lost the top spot as the most favourite stock among U.S. and Canadian millionaires of Tiger 21.
Tiger 21 is a New York-based group of affluent investors which has 220 network of entrepreneurs, investors and executives each having at the very least $10 million in investable assets - $20 billion combined. Each member pays an annual membership fee of $30,000.
As of Sept 30, Tiger 21 reported that on average, its members have 24 per cent of assets in stocks, 21 per cent in real estate, 19 per cent in private equity, 15 per cent in fixed income, 11 per cent in cash, 8 per cent in hedge funds, 1 per cent in commodities and 1 per cent in miscellaneous investments.
On Oct 22, 2013, Tiger 21 members chose Warren Buffet's Berkshire Hathaway Inc. (BRK/A) as their favourite stock, beating Apple Inc. (AAPL).
Apple Inc. (AAPL) had consecutively been on the number one spot in 2011-2012.
"The bloom is off of Apple. For people who held Berkshire Hathaway it's held its appeal, but for Apple, a lot of people who were on that ride have realized that perhaps the best days are behind it," Michael Sonnenfeldt, founder and chairman of Tiger 21, told Bloomberg in an interview.
According to a Bloomberg report, Apple Inc. (AAPL) share price had decreased by more than one-fourth from its September 2012 record high due to a cutthroat competition with companies providing lower-cost tech devices. Also, there had been a struggle for Apple to innovate products without its co-founder Steve Jobs.
Berkshire Hathaway Inc. (BRK/A) had beaten Apple Inc. (AAPL) for three times this 2013 in different surveys.
In July, Berkshire Hathaway Inc. (BRK/A) replaced Apple Inc. (AAPL) as CNBC's most looked-up stock for a time. According to CNBC, Apple Inc. (AAPL) had always been on top for 2012 since it started climbing up the chart in 2010. Apple Inc. (AAPL) had frequently landed on top of their list especially during MacWorld events.
In the same month of July, Apple Inc. (AAPL), again, had lost its top spot as most respected company in the world, as reported by Barron's Vito J. Racanelli. From being the number one for three consecutive years, Apple Inc. (AAPL) had lost to Berkshire Hathaway Inc. (BRK/A). Berkshire was 15th on the list in 2012.
Berkshire Hathaway Inc. (BRK/A) is based in Omaha, Nebraska, and had been on the rise for 25 years as billionaire Buffet transformed the company from a textile maker into an insurer and betted on stocks such as Cities/ABC Inc. and Coca-Cola Co. He then expanded by buying whole companies like the railroad Burlington, Northern Santa Fe.
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