Subject: Re: $362.87B
“What are the chances we ever(10 - 20 years) have one class of shares ?”

I respect your preference but I think it is very slim. This issue has been so dear to Warren’s heart and it does reward the most loyal of the long-term (A) shareholders who are typically most aligned with Warren and the Board’s philosophy. Warren has been very up front from day 1 from the birth of the B shares in ‘96 as to their diluted strength of their vote, but I understand his thoughtfulness and philosophy.

Of course, it benefits the most loyal and affluent huge shareholders, but I trust their passion and thoughtfulness on voting issues more than say casual B traders/ speculators and institutional owners like Blackrock/vanguard that may have their own agenda in voting a certain way. It also diminishes the chance of activists trying to make noise and influence the special Berkshire Board and culture.

So even though the vast majority of our shares are B shares, I am in support of Warren’s thoughtfulness and perspective on this issue long-term. His philosophy over the years has selected for very high quality and quite loyal shareholders. For all other purposes and at the meetings, every shareholder is treated exactly the same. More and more Bs will naturally be created as WEB and others continue conversions for philanthropy and larger estates are settled.