×

Saxophonist Kenny G reveals two stocks he really likes

Howard Schultz's decision to step aside as Starbucks CEO is "perfectly in favor of" the coffee company, saxophonist and investor Kenny G told CNBC on Friday.

"I think that if that's what Howard decides is best for Starbucks, then he's done great so far for making the right decisions, so I would never question anything that he thinks is the right thing to do," he said on "Squawk Box."

Schultz will be succeeded in April by President and COO Kevin Johnson.

Kenny G said he feels lucky that he decided to invest in Starbucks when the company was just a Seattle-based coffee shop.

The musician said that when his uncle introduced him to Schultz in the 1980s, the latter's charisma persuaded him to back the coffee brand, which has grown to international renown and billions of dollars in revenue.

Speaking from the Pebble Beach Pro-Am golf tournament, the musician said he's had luck with stock-picking elsewhere as well. One example was his investment in United Airlines.

"United was down a while ago. It was like $39 a share or something like that. I thought, 'OK, maybe it's going to go up.' And now it's at $74," he said.

And, though he admitted he consults "smart people" including his advisor, Bel Air's Todd Morgan, before making a substantial investment, "I'd say about 80 percent of the time, I'm correct," Kenny G said.

Morning Squawk: CNBC's before the bell news roundup

Sign up to get Morning Squawk each weekday

Get this delivered to your inbox, and more info about about our products and service. Privacy Policy.
Please enter a valid email address