Buffett's firm buys $10.7 billion of IBM stock

Warren Buffett says his company bought $10.7 billion of IBM stock this year, about a 5.6% stake.

The legendary investor revealed the IBM (IBM) stock purchases during an interview on CNBC Monday. Buffett's company, Berkshire Hathaway (BRK.A) will file a quarterly update on its U.S. stock portfolio Monday afternoon.

Buffett has long refused to invest in technology companies because he has said it's too difficult to predict which tech applications or hardware will prosper in the long run.

But he said he recently changed his view of IBM based on what he read in the company's annual reports. He said he should have realized years sooner that the heart of IBM's business is providing service and equipment to information technology departments.

Read Full Article from USA Today

- Posted: 2011-11-14 12:04:47

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