else owns it. The new section 19a filing by stew discloses that about 90 % of the quarterly distributions paid came from LT gains. Since stew is 40 % brkb, and they have huge gains in the stock, I'm confident the fund is selling Bs into this rally.

From this I conclude stew will not be sold to brk, who knows if stew even tried. Giving up those annual fees isn't easy. :)

Best case now is stew does a tender offer for ten % of the issued and outstanding at a 5 % discount to NAV.

HOWEVER, an activist cannot force shareholder friendly moves at STEW because the family controls over 40 % of the company. A tender reduces assets under management hence reduces fees going forward, so I'm not too optimistic.

Yes, I own both so I'm talking my book.