Attorney Ron Olson walks to a session at the Allen & Company Sun Valley Conference in July 2021.
Kevin Dietsch/Getty Images
A longtime director of Berkshire Hathaway snapped up the stock following a rough June for Warren Buffett’s conglomerate.
Berkshire Hathaway ’s Class B shares have slipped about 6% so far this year, far outperforming the S&P 500 index, which is down 18%. But in June, the shares far underperformed the index as some of the company’s largest investments—think Apple (AAPL), Bank of America (BAC), and Chevron (CVX)—swooned.
Berkshire Hathaway has slowed its stock buybacks this year, but Olson was recently a big buyer. He paid $661,200 on Tuesday for 2,410 Berkshire Hathaway Class B shares, an average price of $274.35 each, according to a form he filed with the Securities and Exchange Commission.
Olson, a partner in the law firm of Munger, Tolles & Olson LLP, bought 895 shares through a personal account, and 1,515 shares through a foundation. He now owns 5,630 in personal accounts, including retirement accounts, and another 22,112 shares indirectly through trusts and the foundation.
Olson didn’t respond to a request for comment on the purchases of Berkshire Hathaway stock. He has been a Berkshire Hathaway director since 1997, and is 80 years old, according to the latest proxy. Olson most recently purchased the stock on the open market in December 2020, when he paid $889,335 for 4,000 shares, an average price of $222.33 each.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin
