10 Stocks Warren Buffett Loves for 2016 -- Including Apple

Warren Buffett doesn't swing at every pitch, but when he does he usually gets a hit.

The billionaire Berkshire Hathaway (BRK.A) (BRK.B) manager has built his fortune by buying when the time is right. And when he is shopping for opportunities, his value investing mantra drives him to seek out what he considers wonderful, quality companies -- hopefully at a bargain.

"Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down," he wrote in his 2008 letter to shareholders.

And when Buffett buys a stock, he is likely to hold onto it for a while. He has said in the past that his favorite holding period is forever and advises others to play a long game as well. "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes," he wrote in his 1996 investor letter.

Last quarter, Buffett appears to have found several such investments that meet his buy criteria.

Here are 10 stocks Buffett bought in the first quarter of 2016, as per his latest 13F corresponding to holdings as of March 31.

Also check out the stocks Buffett has been selling in the most recnetly reported quarter.

1. Apple

Last year, Buffett made clear he had no regrets about investing in IBM (IBM) over Apple (AAPL) . Now he has stakes in both.

The tech giant was Buffett's big new buy of the first quarter. He purchased 9.8 million shares, valued at $1.1 billion as of March 31. The company comprises about 0.83% of his public equity portfolio.

Apple designs, manufactures and markets mobile communication media devices, personal computers and portable digital music players, and sells a variety of related software, services, accessories, networking solutions and third-party digital content. It has a $494.8 billion market cap and trades at a P/E of 10.02.

TheStreet's Jim Cramer, who owns Apple in his Action Alerts PLUS portfolio, reacted to the news of the buy. "While one fund's investment -- Berkshire or otherwise -- should never be used as the sole reason to own a particular stock, Berkshire is the consummate value investor, investing in high-quality companies it believes to be trading at a discount to its intrinsic value," he said.

2. Liberty Media
Berkshire upped its stake in Liberty Media (LMCA) to 14.2 million class A shares worth $386.3 million, a more than 80% increase. The company now comprises 0.3% of its holdings.

Liberty Media, through its subsidiaries, owns interest in media, communication and entertainment businesses. The Company operates in North America. It has a more than $6 billion market cap and trades at a P/E of 205.58.

3.Liberty Media class C
Buffett's Berkshire added to its Liberty Media (LMCK) class C holdings as well. As of the end of the first quarter, it holds 27.3 million shares valued at $761.8 million, a 77% increase from the prior period. The company now makes up 0.59% of his public equity portfolio.

Liberty Media, through its subsidiaries, owns interest in media, communication and entertainment businesses. The company operates in North America. It has a more than $6 billion market cap and trades at a P/E of 97.41.

4. Liberty Global
Liberty Global (LBTYA) is another increased holding for Buffett. He upped his stake in the company by about 24% and as of the end of the first quarter owns 15.6 million shares worth $599.7 million. The company comprises 0.47% of his public equity portfolio.

Liberty Global, through its subsidiaries, provides video, broadband internet, fixed-line telephony and mobile services serving approximately 27.5 million customers across 14 countries. It has a $31.2 billion market cap.

5. Phillips 66

Buffett added to his Phillips 66 (PSX) holdings by about 23%. As of March 31, he owns 75.6 million shares worth $6.5 billion. The company has a 5.09% allocation in his holdings.

Phillips 66 is engaged in purchases for resale and markets refined petroleum products. It has a $41.1 billion market cap and trades at a P/E of 11.75.

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