Warren Buffett Heir Apparent Quits Amid Stock Questions

In an unexpected move, David Sokol, the candidate expected to succeed Warren Buffett, resigned from Berkshire Hathaway after purchasing shares in a company he later recommended Buffet buy. The Wall Street Journal reports that Sokol told Buffett he owned shares in a chemical company, Lubrizol, before the investment king bought it at a hefty premium. In his letter of resignation, Sokol wrote he wanted to invest “in such a way as to create enduring equity value.” According to the Journal, Sokol’s shares of Lubrizol may have earned him $3 million in a three-month span."Knowing today what I know, what I would do differently is I just would never have mentioned it to Warren, and just made my own investment and left it alone,” Sokol told CNBC on Thursday.

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