Warren Buffett advises Apple boss Cook over David Einhorn
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Tuesday 05 March 2013
Warren Buffett has advised Apple boss Tim Cook to "ignore" David Einhorn, the hedge-fund manager who has been pressing for the technology firm to return some of its giant $137bn cash pile to shareholders.
Mr Einhorn, whose Greenlight Capital fund is an Apple shareholder, recently dropped a legal challenge against the tech company – but he remains in favour of higher cash returns.
Speaking to CNBC, Mr Buffett waded into the debate yesterday, saying he "would ignore" the hedge-fund manager. "I would run the business in such a manner as to create the most value over the next five to 10 years. You can't run a business to push the stock price up on a daily basis," he said.
"I think Apple's done a good job of building value. They may have too much cash."
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