Steve Jobs was advised by Warren Buffet to buy back Apple shares but he refused

  You already know that Apple has almost 100 billion dollars in banks all over the world and for now no one seems to have any idea about how this money should be spent. Warren Buffet, one of the richest and most influential people in the world, he told in a CNBC show, a telephone conversation with Steve Jobs just a few years ago. Then Apple was starting to collect a lot of money in accounts all over the world and Steve Jobs called Buffet to ask him what to do with that money. Buffet advised him to repurchase part of the shares sold on the stock exchange, and this is because both agreed that the shares of the Apple company are much undervalued.

I went through the logic of each thing. He told me they would not have the chance to make big acquisitions that would require lots of money... 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-something. He said, 'I think my stock is very undervalued.' I said, 'Well, what better to do with your money?' And then we talked for a while. And, he didn't do anything, and of course, he didn't want to do anything. He just liked having the cash. It was very interesting to me because I later learned that he said I agreed with him to do nothing with the cash. (Laughs.) He didn't want to repurchase stock although he absolutely felt his stock was significantly underpriced at two-hundred and whatever it was then.

  Although during the telephone conversation both agreed on the fact that the shares must be repurchased in order to increase the value of the shares sold on the stock exchange, in the end Steve Jobs did not do this. Moreover, Steve Jobs would have declared that Warren Buffet would have agreed with him regarding keeping the money in the company's accounts, which seems to be untrue. Even Tim Cook doesn't seem too eager to spend the company's money to buy back shares or buy any important companies, so probably in a few years we will have a world record in terms of the amount held by a private company in its own accounts.