Apple (NASDAQ: AAPL) is in a near duopoly with Samsung in one of the world's most addictive products: smartphones. Combined, the two account for over half the global smartphone market. In the U.S., however, the iPhone commands about 50% of the market.

Warren Buffett, one of Apple's largest shareholders and most prominent cheerleaders, believes Apple is the best business he knows in the world. Throughout the iPhone's upgrade cycles, Apple has consistently improved its design and functionality to meet ever-changing consumer tastes. Perhaps most importantly, the iPhone's camera gets better with every new version. iPhone users can quickly snap the highest-quality selfies and videos of their kid's soccer games and post them to social media in a heartbeat.

Referring to lines of iPhone loyalists who wait outside Apple stores in advance of its new releases, Buffett's right-hand man Charlie Munger quipped: "I've got zillions of friends who'd almost part with their right arm before they'd part with their iPhone. That's a hugely powerful position to be in."

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Source Fool.com