And then I asked him the question, I said .. ‘I would use it for buybacks if I thought my stock was undervalued.’ And I said, ‘How do you feel about that?’ The stock was 200-and-something. He said, ‘I think my stock is very undervalued.’ I said, ‘Well, what better to do with your money?’Warren Buffett • Explaining how, in a conversation with Steve Jobs a few years ago, the duo discussed what Apple should do with its huge cash reserves. Buffett told Jobs to buy back some of the company’s stock. Jobs reportedly later told his friends that Buffett agreed that they should do nothing with the money — which, in case you missed the last sentence, is the opposite of what he said. Since Jobs died last year, the company has discussed a stock buyback, though it’s made a number of acquisitions of late. The stock, currently at $526, is still considered undervalued.
Highly recommend watching the interview Walter Isaacson did with “60 Minutes” about his Steve Jobs biography. (The first part is above; MacRumors has the rest, including two extra clips not shown on the broadcast.) There are a ton of facts that are really, truly surprising in here. Amongst the others — what his kids are like, his parents, his health, the way he ran his company, and so on. One of the clips, in fact, focuses on his photo album, shown (quite obviously) on an iPad 2. The best little detail in the four clips, if you ask us? Jobs revealing that he’s a big fan of Mark Zuckerberg and Facebook. A great teaser ahead of the book, which comes out tomorrow morning.