Subject: Re: Siri,
Berkshire (BRK.B) increased its holdings in Sirius XM (SIRI) to 132.9M shares in the quarter, from 36.7M shares at the end of Q1.

I'm trying to figure out why Berkshire is buying SIRI instead of LSXMA/B/K ... in theory, sometime this quarter each of those are going to be swapped for 8.4 shares of SIRI when the Liberty spinoff deal is finalized. So why not buy LSXMA at $21.91 which should effectively buy SIRI shares at $21.91 / 8.4 = $2.61 instead of at $3.02? Any ideas?

I suppose the float and the volume in LSXMA/B/K is too low for their volumes, but still, the A and B traded nearly 3M shares today equivalent to over 24M SIRI shares, while SIRI traded 29M, so pretty close.