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An investigative journalism platform reveals potential ethical concerns surrounding Warren Buffett's personal trades, including avoiding income tax and engaging in conflicting trades. The podcast also explores Buffett's investment strategies, conflicts of interest, and secretive nature regarding his personal investing record.
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Quick takeaways
- Warren Buffett violated the rule of not front-running orders by selling shares in Johnson & Johnson while Berkshire Hathaway was winding down its position, raising concerns about trading on inside information.
- Buffett's conflicting trade of selling $25 million worth of Walmart stock while Berkshire was doubling its stake raises red flags, potentially indicating insider trading and manipulation of stock prices.
Deep dives
Warren Buffett and Cardinal Rules of Investing
Cardinal Rule #1: Warren Buffett violated the rule of not front-running orders. ProPublica pointed out that Buffett sold shares in Johnson & Johnson while Berkshire Hathaway was winding down its position. This raises concerns about trading on inside information and front-running the public. Cardinal Rule #2: In 2009, Buffett's conflicting trade of selling $25 million worth of Walmart stock while Berkshire was doubling its stake raises red flags. If Berkshire bought the stock first, it could have prompted other investors to buy, driving up the price. Cardinal Rule #3: Buffett's investment in JP Morgan while praising Wells Fargo highlights a potential conflict of interest. JP Morgan outperformed Wells Fargo, raising questions about aligning interests between Buffett's personal portfolio and Berkshire shareholders.
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