The iPhone has become more important to consumers than a second car. This opinion was expressed by the chairman and chief executive officer of Berkshire Hathaway Warren Buffett during the annual meeting, reports 9to5Mac.

He praised tech giant Apple and said its stock is the best investment his conglomerate owns. As you know, Berkshire Hathaway is bullish on Apple and has been buying shares of the company since 2016. Buffett has also repeatedly said that he doesn’t understand devices like the iPhone, but he understands consumer behavior and their loyalty to Apple.

“Apple is in a position with consumers, where they’re paying maybe $1,500 bucks, or whatever it may be, for a phone,” Buffett said. “And the same people pay $35,000 for having a second car, and [when] they have to give up a second car or give up their iPhone, they’d give up their second car. I mean, it’s an extraordinary product. We don’t have anything like that that we own 100% of, but we’re very, very, very happy to have 5.6%, or whatever it may be, and we’re delighted every 10th of a percent that goes up.”

As you know, Berkshire’s share in Apple is now worth $116.31 billion. Among the company’s largest equity holdings are also Bank of America ($33.45 billion), Chevron ($29.25 billion), Coca-Cola ($25.44 billion), and American Express ($22.40 billion).

We remind you that Apple’s results for the II financial quarter, which ended on April 1, beat market forecasts. The company was able to achieve this thanks to better-than-expected iPhone sales and a strong push in India and other emerging markets.