Warren Buffett at Berkshire Hathaway’s 2018 Annual Shareholder Meeting on 05-May-2018:

We’re betting on the success of Apple products like the iPhone, and I see characteristics in that that make me think it’s extraordinary….And I didn’t go into Apple because it was a tech stock in the least. I went into Apple because I came to certain conclusions about both the intelligence with the capital they deploy but more important the value of an ecosystem and how permanent that ecosystem could be. And what the threats were to it and a whole bunch of things. And I don’t think that required me to take apart an iPhone or something and figure out what all the components were. It’s much more the nature of consumer behavior, and some things strike me as having a lot more permanence than others.