- Warren Buffett and partner Charlie Munger have been loud critics of HFT, but a WSJ article earlier this month reported Berkshire Hathaway's (BRK.A, BRK.B) Business Wire was giving high-speed traders direct access to earnings reports and other market-moving news items.
- Business Wire's decision to end the practice comes after consultations with The Oracle himself, as well with the NY AG's office. Buffett's involvement is highly unusual as he typically leaves his managers to manage their operations, and limits Omaha's involvement to capital allocation.
- While direct access isn't illegal, combining it with high-speed algorithms to crunch the data gives HFT traders a fleeting, but lucrative edge.
at CNBC.com (Nov 18, 2014)