" at least some of what is being called the 1.6% expense ratio is interest on the borrowed funds the CEF uses to add leverage. "

good morning nola, if the Horejsi family agrees with Buffett with respect to potential tax rates going forward, could they sell the entire fund to brk today at a 5 % discount to NAV? Look at the holdings, would brk be interested? Could STEW spin out the brk and sell the rest and close in down? It would be a very small deal for brk but Buffett LOVES to buy from investors who have held brk and the As, for many decades. Years ago BIF had fees and expenses above 3 % with no leverage. It made no sense back then. In the past three years this CEF has become much more shareholder friendly with lower costs. In an IRA the divs kicked off from stew, adx, and cet resulted in being able to take my RMDs without selling anything. Just a thought for you kids out there. BTW, if you posted it I missed it, brks current unrealized cap gains on our public securities? Thanks, bud, those footnote disclosures get smaller and smaller the older you get. Have a grand day.