No. of Recommendations: 13
"I'm sure no one is violating the spirit and intent of REG FD."
...
Does REG FD apply to Warren?
Sure.
But it doesn't apply to this situation, for two reasons.
Mainly, there is no suggestion that anything was disclosed to someone-but-not-everyone, the essence of the rule. Telling the SEC doesn't count!
And of course none of these changes is material to the value of a Berkshire share. The test is "material non-public information".
To break the rule, Mr B would have to (say) sell the railroad to Amazon and tell his barber on the sly.
Jim
