David Sokol resigns from Bershire

Quote from eudaemon:

Good for Sokol. He got his exit bonus upfront. BRK is just a tasty carcass. Zero value except for the meat inside.
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The giant part BRK earning is due to inflation of consumer goods. Most of its subsidiary are leader of its sector which has pricing power.
 
They're ready to execute Raj for insider trading and this guy buys $10MM LZ and makes overtures to LZ? It's akin to busting a dealer for an oz. and letting a perp walk while in possession of a 100 kilos. I don't get the double standard that is applied when Buffett is involved.
 
and to show up to cnbc to kinda state your case of why it wasnt illegal or unethical is very arrogant on his part. I dont think his attorneys are to pleased at that move....I dont know.
 
Don't be quick to judge, maybe he is just trying to prove his interest in LZ, put his own money behind his recommendation, anyway, it is all depend on how he did this deal, wait for more detail of this story.
 
Those were good articles. I've been telling people this for years, but I never took the time to research it. My Dad has been throwing Buffet out as a buy and hold guru for decades, and I kept telling him he wasn't completley correct, and that Buffet was an insurance guy, so you had to know he was more hedge fund like. Insurance is all about derivatives. Selling premium is the name of the game in insurance.
 
Quote from number22:

Don't be quick to judge, maybe he is just trying to prove his interest in LZ, put his own money behind his recommendation, anyway, it is all depend on how he did this deal, wait for more detail of this story.
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Ha, Buffett remarked that it was a problem because he had no idea as to the magnitude of Sokol's position. I don't think it's open to interpretation. He would have been fine had he sold it prior to putting the thing in play.

There is no way to spin this to make Sokol look clean.
 
It is hard to avoid thinking Sokol has given Buffett a big "F you" on his way out. The question is why.

The Buffett Persona is something Buffett created to overcome his natural introversion, and as a creation he obviously made something that is intentionally favorable to himself. However I do not think it is disingenuous.

I think he says exactly what he thinks, but do to his "folksy" image people interpret it the way he wants, rather than with the cynicism the typical executive confronts. It is a very good lesson in perception management that anyone who wants to be successful can learn from.
 
Quote from ElCubano:

and to show up to cnbc to kinda state your case of why it wasnt illegal or unethical is very arrogant on his part. I dont think his attorneys are to pleased at that move....I dont know.
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Yeah, I haven't seen CNBC in months, but I saw the interview this morning. Such softball shit. I heard somewhere that Sokol is worth $150MM or so. You invest 7% of your net worth in a company literally days before putting it in play? He admits he had to twist Buffett's arm to go forward. I am sure that most of Sokol's wealth is still tied up in BRKa, so this isn't a 401k trade.
 
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