Chewy's billionaire cofounder owns $550 million in Apple stock but wants the share price to tumble

• Ryan Cohen invested nearly all of his wealth in Apple and Wells Fargo, yet he wants the tech titan's shares to fall so he can buy more stock at a lower price.
• "I only wish the stock would go down," the billionaire Chewy cofounder told MarketWatch in a recent interview.
• Warren Buffett voiced a similar view in February when he said that investors "should want the stock market to go down — they should want to buy at a lower price."
• Cohen said that Apple is the "king of the jungle" and Wells Fargo's hasn't been permanently damaged by the coronavirus.
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Chewy's billionaire cofounder sold the online seller of pet products for about $3.4 billion in 2017, then plowed virtually all of his money into Apple and Wells Fargo.

Apple stock has more than doubled since then to hit an all-time high this month, boosting the value of Ryan Cohen's shares to about $550 million. However, that's the opposite of what he wants.

"I only wish the stock would go down," he told MarketWatch in a recent interview.

Cohen's comment underscores the fact that he's focused on long-term returns, and would relish a chance to bolster his stake in the iPhone maker on the cheap. He would invest all of his money in Apple stock if it fell enough, he told MarketWatch.

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Warren Buffett similarly called for stocks to fall in a CNBC interview in February, when coronavirus fears were hammering markets.

"Who wouldn't rather buy at a lower price than a higher price?" the famed investor and Berkshire Hathaway boss asked.

"People are really strange on that," Buffett continued. "They should want the stock market to go down — they should want to buy at a lower price."

The two men's shared view isn't surprising, given Cohen often quotes Buffett, according to Bloomberg. It's probably not a coincidence that Apple is Berkshire's biggest holding too, and Wells Fargo is also one of its largest investments.

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Cohen explained his bullish stance on both stocks to MarketWatch.

"Apple's the king of the jungle," he said. "What the iPhone has done for our lives is unbelievable."

While Wells Fargo's stock has plunged by about 40% in the past three years due to the bank's fake-accounts scandal and the impact of the pandemic, Cohen expects it to recover in time.

"The terminal value of the business hasn't changed because of coronavirus," he said.