(Business Insider) Macro fund manager John Burbank of Passport Capital joked that Warren Buffett is “basically a tax evader” at the SALT conference and attendees started clapping and laughing.

His argument is not that Buffett is doing anything illegal or anything like that, but that a lot of his success is in investing in a way that results in the lowest tax bill.

The discussion took place when fellow panelist billionaire Leon Cooperman of Omega Advisors brought up the Oracle of Omaha’s returns after tax.

“I’m not a publicist for Warren Buffett, but when I keep hearing people talk about Buffett’s record, nobody mentions his tax efficiency …”

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