© Reuters.
Investing.com – A recent ProPublica story reported that CEO Warren Buffett may have violated corporate ethics policies by selling stocks that Berkshire traded, even though he had previously said that trading the same stocks as Berkshire could lead to conflict of interest, writes Business Insider.
Despite publishing quarterly reports from Berkshire, whose portfolio is closely watched by investors, Buffett remains largely silent about his personal assets.
This time, however, data obtained by ProPublica shows that over the past 20 years he has traded his personal portfolio, which contains shares of the same companies that Berkshire bought or sold in the same quarter or the quarter before.
Berkshire’s ethical policy states that all actual and pending transactions of Berkshire’s securities must be reported before insiders can personally trade those shares. Buffett himself said that he could not buy what Berkshire was buying due to a conflict of interest.
However, he made at least $466 million from personal stock sales from 2000 to 2019. For example, in 2009, he sold $20 million worth of Wells Fargo (NYSE:) shares. In August of the same year, Buffett personally sold $25 million worth of Walmart (NYSE:) shares. And in October 2012, Buffett privately sold shares of Johnson & Johnson ( NYSE:) for $35 million, which Berkshire also sold.
— Materials from Business Insider were used in preparation
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2023-11-10 12:51:00
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