According to ProPublica on Thursday, Warren Buffett apparently exchanged equities that his company Berkshire Hathaway was buying and selling in his personal account—a practise that he had previously considered to be in conflict of interest.
Citing a confidential IRS data leak, the nonprofit news site claimed that the “Oracle of Omaha” traded shares in his own account in the same quarter or the quarter prior to Berkshire’s purchase or sale of the same equities, which included Walmart, Johnson & Johnson, and Wells Fargo. The years 2009 and 2012 were used as examples.
Outside of regular business hours, Berkshire has not reacted to CNBC’s request for comment.
Separate from the $300 billion equity portfolio of his company, the 93-year-old investor has made no secret of having a personal account. Although Buffett’s account is mainly opaque, Berkshire is obligated to report its holdings to the Securities and Exchange Commission on a quarterly basis.
When it comes to his personal account, Buffett has stated in the open that he makes an effort to avoid the investments that Berkshire makes.
During Berkshire’s annual meeting in 2016, Buffett stated, “I try to steer away from anything that potentially conflict with Berkshire.”
Source (CNBC)
