Famed investor Warren Buffett is known for finding quality businesses at a good value and holding them over time. When his conglomerate Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) first began investing in Apple (NASDAQ: AAPL) in 2016, that stock traded at a steep discount to the market -- with a price-to-earnings (P/E) ratio in the range of 10 to 14.5 that year. Back then, sentiment was negative -- there was a widespread view that Apple's growth was plateauing, its market expansion had played out, and its products were limited -- not to mention it didn't have the high-margin services segment it has today.

A lot has changed since then. But Apple has once again lost its market premium. Over the last six months, the S&P 500 is up 14.6%, while Apple stock is down 4.9%. On March 1, Apple sold off, and the S 500 rose. At one point, Apple's P/E ratio fell below the S 500's, but it ended up finishing the day at 27.9, which was, coincidentally, the same as the S 500.

Berkshire Hathaway's other top public equity holdings -- Bank of America (NYSE: BAC), American Express (NYSE: AXP), Coca-Cola (NYSE: KO), Chevron (NYSE: CVX), and Occidental Petroleum (NYSE: OXY) -- are all trading at discounts to the S 500. Combined with Apple, these six companies make up 78.4% of Berkshire's portfolio.

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Source Fool.com