Selling some Apple stock was a mistake, accepts Warren Buffett

American investor and business tycoon Warren Buffett has accepted that selling some shares of Apple in Berkshire Hathaway's portfolio last year was likely a mistake, with the company remaining a tech leader providing massive utility to users around the world. 

Warren Buffett said he was likely wrong to cash out some of his Apple shares last year.

"I sold some stock last year," the famed investor said at Berkshire Hathaway's annual meeting on Saturday. "That was probably a mistake."

The annual meeting was held in Los Angeles, where Buffett joined Berkshire's 97-year-old vice chairman Charlie Munger, to answer more than three hours of shareholder questions.

Greg Abel and Ajit Jain, Berkshire's other vice chairmen and potentially successors to Buffett as chief executive, also fielded several questions.

Asked about their rapport, Jain said that they don't interact as much as Munger and Buffett, but they talk every quarter about businesses they oversee.

Buffett stood by Apple, calling the iPhone maker an "extraordinary business" with "indispensable" products.

(With inputs from agencies)