Vice chairman of Berkshire Hathaway Charlie Munger defended his company against a report that claimed his partner Warren Buffett occasionally traded equities in his personal account before the company took action in the same securities.
Munger, 99, pointed to his charitable donations and the fact that the majority of his fortune is invested in Berkshire stock when he told CNBC’s Becky Quick that it doesn’t make sense that Buffett was leading Berkshire’s own trades.
“There is no possibility in heaven that Warren Buffett is committing heinous acts in order to enrich himself, in my opinion. His concerns are more for Berkshire’s fate than for his personal finances. He donated every penny of his own. Munger stated, “He doesn’t even have it anymore.”
According to a ProPublica piece published on November 9, Buffett personally traded a stock three times, either in the same quarter or just before Berkshire did. The material came from IRS data leaks, which ProPublica cited. The timing of these trades has not been independently verified by CNBC.