The Apple phone is now one of Berkshire's largest holdings, Buffett said in a financialprepared remarks at the firm's annual meeting in Omaha, Neb.

The timing of Apple’s latest iPhone is no coincidence, Buffett said during a speech.

“There’s always someone in the space and everybody wants the apple. The Apple phone is now one of Berkshire’s largest holdings,” Buffett said in a financial-prepared remarks at the firm’s annual meeting in Omaha, Neb. “In theory the stock shouldn’t have sold that good last holiday season and should have been out at the year-end. But the market has rallied and now Apple could be the next great winner.”

Buffett is known for being bullish on the share price of companies he buys.

The Berkshire Hathaway CEO also said there is room to grow the price of Apple’s stock over time.

“Our company has a long track record of being patient with our clients and being comfortable with risk. So, you’ve been blessed with a really good stock.” Buffett also said he does not believe Apple will ever need to make capital gains again. [ ]

Apple was Apple in its past, though its share price began rising again in late 2010. The move to buy back nearly 60% of the stock made it a huge winner for Buffett and his peers. The stock is up 10% since Berkshire bought its stake in late 2011.

If Apple’s stock were at the level that Buffett is citing now, it would have more than doubled in price this year. This is because the stock is expected to rise as the iPhone 7 rolls out and becomes more widely available. When the stock does rise, Apple should likely become a huge winner as its stock price continues to rise.

At present, the company’s stock price is up about 21%.

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