Please read before answering:

1. Discuss the possible adverse consequences Sokol faced following the joint announcement by Berk- shire and Lubrizol on 14 March and prior to his resignation. Did his resignation reduce the risks and associated costs? Evaluate the cost/benefit of Sokols actions in the Lubrizol matter.

2. Evaluate Sokols conduct regarding Lubrizol, and determine which, if any, of the CFA Institute Stan- dards of Professional Conduct are applicable to the conduct. For each applicable Standard, determine whether Sokols conduct complied with or violated the Standard.

3. Recommend a course of action for Mikkel Orut, CFA.