Warren Buffett Just Made A $US11b Bet On IBM

Warren Buffett popped up on American TV this morning to talk about this and that and how his investment firm Berkshire Hathaway casually dropped $US10.7 billion to become IBM's largest shareholder, and... waaaaaaaaaaaaaait... WHOA.

Buffett acquired 64 million shares of Big Blue, which is good for 5.5 per cent of the company. According to AllThingsD, the next biggest shareholder, the investment firm State Street, has about 5.33 per cent of the company. Buffett, who doesn't normally invest in tech companies, said he read a recent earnings report and liked what he saw, stating on camera that IBM "treats their stock with reverence". Whatever that means. Buffett says he has no plans to invest further in the company. [CNBC via AllThingsD]

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