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Berkshire Hathaway Inc. Message Board

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  • bobo21029 bobo21029 Aug 1, 1998 4:33 PM Flag

    I want to be the first to post here!

    .........I have never bought anything thru an
    electronic broker for fear of problems that you
    describe............and believe me you're not the first to post such a
    message on this board. I use the same broker that has
    helped our family for two generations and whose firm
    [Alex Brown] we've been with since 1905. I might pay a
    few bucks more in commission, but because BRK is so
    expensive I want piece of mind with the purchase. It's
    startling to me to hear of people mailing off big chunks of
    hard earned money to a place they don't know, to a
    person they've never met. I'm sure your problem will
    work out and you might want to consider making friends
    with a full service broker.......I really like
    mine.....Good Luck

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    • brokers won't help you a bit. try schwab... 29.95 per trade


      • 1 Reply to miska598
      • I was reading monday's (8-3) edition of IBD and
        noticed that the Nicholas Fund's has as one of its 10
        largest holdings (4.9%) 3,959 shares of BRK.a. They also
        have listed as a recent "top sell" 40,813 shares of

        On the same page is the summary of 5 funds in the
        vallue cap index (Sequoia, Legg-Mason, FPA Capital,
        Davis NY Venture, American Century Income). They have
        listed the 20 largest positions of funds in the Value
        index. BRK.a is one of the listings and also General Re
        out of 20 holdings (also MCD, J & J, AOL, LU, IBM,
        Chase, Dell, Fanni M, Wells-F, Ford, and a few lesser
        Speaks pretty well of BRK.a. Wonder why the
        sell of BRK.b by the Nicholas fund????

    • <<I might pay a few bucks more in

      From the '92 Chairman's letter:
      frictional costs of trading - which act as a major "tax" on
      the owners of many companies - are virtually
      non-existent at Berkshire."

      I have traded with Brown &
      Co for years. I speak to a trader and place the
      order. They repeat it back and wait for you to say
      "that's right". It's recorded in case there's any
      questions later. I understand you wanting piece of mind,
      but you may want to consider what the compound
      frictional costs are doing to your long term net results.
      Don't guess, put it in a spreadsheet and

      By the way, I have only had one problem with Brown &
      Co in over 5 years. I gave the order, they repeated
      it back wrong, and I said "that's right". They ended
      up splitting the cost or the error with me, which I
      thought was more than fair. I listen much closer now.

      • 1 Reply to ftex
      • Greg,asdfdf,Tastychap,Ftex,..........thank you
        for sharing your experiances on discount brokers. I'm
        going to take your advice and do some "comparison
        shopping" on fees. I pulled my BRK file to check just what
        I was actually paying. My last purchase was 170
        shares of "B" @ $2245. My broker charged me $223.94
        commission plus $3.00 in "handling fee". This came to $1.34
        a share, which I thought was pretty
        good.......especially for something as valuble as a share of BRK.
        Apparently from Greg's post I could have done this for
        $29.00 thru Shwab which is a huge cost savings. I'll
        have to check it out..............In the words of
        Tastychap........."May the WEB force be with you
        guys"...............BoboP.S. Talk about being a cheapskate ! I
        sit here typing this I've got a hole in my right boot
        that my little toe practically sticks thru. I've got
        dirt and grease all over me from working out in the
        barn all morning trying to get a 40 year old Allis
        Chalmers tractor to start ...............and I'm on the
        computer trying to figure out how I can save a buck on the
        most expensive stock there is !! The beat goes

    • Why would you want to pay a full service broker
      to buy Brk shares for you. Pay a full commision,
      when you made your own decision to buy Brk..
      say you like your Broker...I guess you do. If you
      want to give him money for nothing.

      I use
      Waterhouse ...I pay $12 commision on-line...Never had a
      problem with execution....If I should have a problem I
      can either call the 800 number. Talk to an account
      officer,,,Or I can go by the nearest office and talk to
      someone there..
      Have not had to do so....But have
      those options availible.

      Meanwhile, the money I
      am not wasting in commisions I use too buy more
      stock like Brk...

      May the WEB be with you...T.C.

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