US baby-boomers defy old age with sports cars and plastic surgery. Yet when the membership card from the American Association of Retired Persons — an old persons’ lobbying group — arrives in the post, denial falls short. For corporations, the equivalent of AARP membership comes in the form of an investment from Warren Buffett. Apple, only just 40, was admitted to the shuffleboard club yesterday when Mr Buffett’s Berkshire Hathaway disclosed that it owned $1.1bn of Apple shares.

Mr Buffett said in the midst of the first tech boom he eschewed the soaring stocks because he did not understand their businesses. That “aw shucks” attitude does not mean he is afraid of software or gadgets. The Berkshire portfolio now includes General Motors, General Electric, Liberty Global and Liberty Media — companies with plenty of engineers and innovation. To say nothing of American Express, Visa, Walmart, Verizon and Wells Fargo, all trying to prove their tech chops. Mr Buffett was just stating a preference for big brands, high barriers to entry, and reliable cash flows to wagers on the next big thing.

A small bet on Apple could fit nicely. Apple’s shares are down a 10th so far this year, as it has not found a product to fill the gap created by slowing iPhone sales. It could try to solve the growth puzzle with an expensive punt on Tesla Motors or PayPal. Or it could embrace a cash cow mentality, where it mines steady phone upgrades and service revenues. Mr Buffett’s preference may be for the latter. He appreciates annuity businesses, in insurance and elsewhere.