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Buffett's opinion on Walmart not changed by scandal
May 7, 2012 / 11:14 AM / 6 years ago

Buffett's opinion on Walmart not changed by scandal

(Reuters) - Billionaire investor Warren Buffett said a recent bribery scandal at Wal-Mart Stores Inc (WMT.N) has not changed his investment opinion about the stock.

Shareholders watch a Q&A session with Berkshire Hathaway chairman Warren Buffett and vice chairman Charlie Munger during the Berkshire Hathaway Annual shareholders meeting in Omaha, May 5, 2012. REUTERS/Lane Hickenbottom

In an interview on CNBC on Monday, Buffett characterized Wal-Mart’s troubles in Mexico as being caused by a group of bad apples who don’t represent the broader company’s values. He said such an issue “scares the dickens out of me as a CEO” of Berkshire Hathaway Inc (BRKa.N) because it could happen to any company.

As of December 31, Berkshire’s 39.04 million share stake in Wal-Mart was worth $2.33 billion.

Reporting By Lauren Tara LaCapra; editing by John Wallace

Our Standards:The Thomson Reuters Trust Principles.
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