Warren Buffett Admits He Sold Apple Too Early, Eyes Future Buying But Not Yet

Warren Buffett recently confessed to selling his Apple (AAPL) shares prematurely. Speaking on "Squawk Box," he noted it's not out of the question that he'd add substantially to his stake - just not right now given how the market looks.

Buffett's Berkshire Hathaway still holds Apple as its biggest position, valued near $62 billion after trimming its holding late last year. Despite the shares falling over 14% from recent highs, Buffett said the current market environment doesn't make Apple an appealing buy at the moment.

He reflected on his timing, saying, "I sold it too soon. But, I bought it even sooner, so." That quote encapsulates the nuance of managing a portfolio where sometimes patience pays off and sometimes it doesn't.

Buffett praised Apple's management, giving special mention to CEO Tim Cook. He pointed out that Cook inherited a challenging task following Steve Jobs' legacy but has proven himself a remarkable steward of the company, especially in his ability to maintain positive relationships across the board.

The legendary investor also revealed that he's bringing back his high-profile charity lunch event, marking a return to one of his well-known philanthropic pursuits after stepping down as Berkshire Hathaway's CEO earlier this year.

Although Apple's stock is down this year amidst a broader market correction that's put the Dow Jones Industrial Average and Nasdaq Composite on shaky ground, it remains by far Buffett's largest bet.

He emphasized that buying more Apple stock hinges on price, not just market buzz or popularity. The stakes have returned substantial gains - Berkshire has profited over $100 billion pre-tax from its Apple investment.

This stance highlights Buffett's disciplined approach: favoring value over hype and waiting for an entry point that matches his long-term strategy. Apple's future might be bright, but Buffett is not rushing back until the valuation makes more sense on his terms.

Does this mean Berkshire will wait out the storm before reloading on Apple shares? For now, it looks like Buffett is keeping his powder dry and sitting tight.