Subject: Re: brk, disclosure, transparency, not much
Buying BRK at a 20% discount doesn't matter if you also wind up selling it at a 20% discount.
All the while getting clobbered with that high E/R.

1. I think the "family" is receiving the ER money, no? All of it.

2. The "family" can choose to buy lots and lots of the fund from the non-family holders over time, then they at the same time, outside the fund, they can short enough of Berkshire to capture the 20% discount.

3. And then they can simply terminate the closed end fund, deliver the shares and enjoy that 20% discount on all the Berkshire shares they were able to short and deliver at a 20% discount.

That's the usual case for an arbitrage opportunity. SOMEONE almost always avails themselves of the arbitrage when it presents itself. Especially 20% kind of arbitrage!