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Saturday, December 9, 2023

Buffett did not make deals for himself, the partner claims

Berkshire Hathaway Vice Chairman Charlie Munger rejected claims that his business partner Warren Buffett occasionally traded stocks on his own jersey before the conglomerate made moves with the same securities.

Almost a century old Ch. Speaking to CNBC, Munger said, that the idea of ​​W. Buffett running his own businesses instead of Berkshire doesn’t make sense, pointing to his charitable giving and the fact that most of his wealth is tied up in the company’s stock.

“I don’t think there’s the slightest chance that Warren Buffett is doing anything downright bad to make money. He cares more about what happens to Berkshire than what happens to his own money. He gave them all away,” said Ch. Munger.

In a Nov. 9 article, investigative journalism organization ProPublica reported that Mr. Buffett traded stocks for himself at least three times shortly before or in the same quarter as Berkshire. He reportedly earned at least $466 million from the sale of his own shares between 2000 and 2019. That would represent a very small percentage of Buffett’s total net worth. He owns more than 200,000 shares of Berkshire Hathaway, which makes him a position worth more than $100 billion.

Logo of the Chinese car manufacturer BYD.

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