There are supposed to be protesters outside of the location (not inside yelling at Warren) because of indirect investment into Sudan. Some activists are calling for Berkshire Hathaway to sell its approximate 1.1% stake in PetroChina Co. Ltd. (ADR) (NYSE: PTR)), whose parent (China National Petroleum) operates in Sudan. By operating in Sudan it is tossed in with the pro-genocide camp by "using capitalism as an endorsement" and it has been noted as being pro-government and siding with evil because the government controls the oil.
Berkshire Hathaway in the past has defended its stake by noting that there is confusion about its parent's involvement in Sudan. Some other pensions have sold stakes in an anti-Sudanese support movement. The company made a statement back in February due to the controversial coverage. Warren Buffett is a hard man to criticize based on his last billions of dollar giveaway announcement, but you have to wonder if he will decide to throw in the towel here for greener or at least less controversial pastures.
This is a damned-if-you-do and damned-if-you-don't situation. Berkshire feels this is a cheaper investment than other energy names, but it is cheaper because of the China issue and because of the Sudan issue. The humanitarian issue is also a catch-22 because if you invest in Sudan it is not boycotting the government, and if you don't invest in Sudan then even more miserable poverty continues. This is a position that Warren Buffett has rarely found himself even on the fringes of, let alone in the center of. That's an odd situation for one of the new TIME 100 most influential people.
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
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