Munger Defends Buffett After Personal-Trading Questions

Berkshire Hathaway Chairman and CEO Warren Buffett cares more about the firm’s welfare than he does his own money, Berkshire Vice Chairman Charlie Munger said this week following a news report that raised questions about the legendary investor’s personal trades.

Munger defended Buffett in an interview earlier this week with CNBC, which aired a clip Thursday on its “Squawk Box” program.

CNBC journalist Rebecca Quick said Munger had not read the ProPublica article about Buffett’s personal stock trades when she interviewed him. She noted she hadn’t confirmed the report’s details nor spoken with Buffett about them.

“I don’t think there’s the slightest chance that Warren Buffett is doing something that’s deeply evil to make money for himself. He cares more about what happens at Berkshire than he cares about what happens with his own money, he’s given his own money away,” Munger said.

“He doesn’t even have it anymore. And showing how little he thinks of it, he gave away the last $100 million he has on Earth, and having done that, they say ‘the dirty son-of-a-bitch is taking advantage of Berkshire to make money,’” he said. “It’s not a plausible argument. It’s one more ridiculous thing that’s said about Berkshire.”

ProPublica reported last week that leaked Internal Revenue Service records show Buffett, at least three times over nearly 20 years, traded stocks in his own portfolio in the same quarter or one quarter before Berkshire traded those companies’ shares — and before the company disclosed its sales or purchases to the public.