Individual, everyday investors are looking towards investment icons like Warren Buffett and Carl Icahn for investment tips, hoping to follow in the footsteps of these great money moguls. But copying their strategic moves can be very difficult.
Eva Davis, a corporate partner in the LA office of Kirkland & Ellis comments on Mr. Buffett's financial tactics. "Sometimes Buffett's moves are known sooner. Securities laws require Buffett, or any investor who buys 5 percent or more of a voting security, to disclose that acquisition within 10 days," she said. "Subsequent purchases or sales by a 5 percent or greater investor need to be disclosed promptly."
This article appeared in its entirety in the May 24, 2005 edition of USA Today.