On page 2 of the press release it says 1,445,546 Class A are outstanding.

That is a bit of a short cut.


Yes, thanks for that.

I got 2,168,319,093 B-equivalents, using pages 3 (equity) and 23 (A- and B-shares outstanding)

Multiplying the press release number by 1500, there would be 2,168,319,000 B-shares outstanding. The discrepancy, 93 B-shares, is probably because the press release included no decimal places; 93 B-shares would be an extra 0.062 shares. If we care about the BV per share to the exact cent (and we probably shouldn't), it's probably better to use my B-share number, since it is the number that is consistent with pages 3 and 23 and also the press release. It is very unlikely that the real number of A-shares outstanding is a number without a decimal (that would tend to have a probability of 1/1500), so the B-share number is likely to be more precise. But your shortcut is quicker and satisfactory for any practical purpose.

BTW, I notice there's no mention of book value in the PR, which I guess is consistent with Buffett's warning that it will become less relevant. Here are the blurbs, just after the table giving the details about operating earnings, from the 3Q PRs for the last 7 years:

2017: At September 30, 2017, our book value had increased by 8.9% since yearend 2016 to $187,435 per Class A equivalent share. Insurance float (the net liabilities we assume under insurance contracts) at September 30, 2017 was approximately $113 billion, an increase of approximately $22 billion since yearend 2016.

2018: At September 30, 2018, our book value per Class A equivalent share was $228,712. Insurance float (the net liabilities we assume under insurance contracts) was approximately $118 billion at September 30, 2018, an increase of $4 billion since yearend 2017.

2019: At September 30, 2019, insurance float (the net liabilities we assume under insurance contracts) was approximately $127 billion, an increase of $4 billion since yearend 2018.

2020: Approximately $9 billion was used to repurchase Berkshire shares during the third quarter bringing the nine month total to approximately $16 billion. On September 30, 2020 there were 1,570,636 Class A equivalent shares outstanding. At September 30, 2020, insurance float (the net liabilities we assume under insurance contracts) was approximately $135 billion, an increase of $6 billion since yearend 2019.

2021: Approximately $7.6 billion was used to repurchase Berkshire shares during the third quarter bringing the nine month total to approximately $20.2 billion. On September 30, 2021 there were 1,493,097 Class A equivalent shares outstanding. At September 30, 2021, insurance float (the net liabilities we assume under insurance contracts) was approximately $145 billion, an increase of $7 billion since yearend 2020.

2022: Approximately $1.05 billion was used to repurchase Berkshire shares during the third quarter bringing the nine month total to approximately $5.25 billion. On September 30, 2022 there were 1,466,045 Class A equivalent shares outstanding. At September 30, 2022, insurance float (the net liabilities we assume under insurance contracts) was approximately $150 billion, an increase of $3 billion since yearend 2021.

2023: Approximately $1.1 billion was used to repurchase Berkshire shares during the third quarter bringing the nine month total to approximately $7.0 billion. On September 30, 2023 there were 1,445,546 Class A equivalent shares outstanding. At September 30, 2023, insurance float (the net liabilities we assume under insurance contracts) was approximately $167 billion, an increase of $3 billion since yearend 2022.

It's all admirably concise and relevant, and always in exactly the same format, one of the many things I love about Berkshire. And I love how the float has gone from $113B to $167B in 6 years (6.7%/year.) But still, I miss the book value, which disappeared in 2019, and replaced in 2020 by repurchases, which are themselves what is probably making the book value less relevant...

DTB