..........."I think you have a better chance of a 'C' share being added, than a split."............if not a "C" share then perhaps a BRK " preferred".........which was provided for under the terms of the merger.........I would like to be a fly on the wall at Standard & Poor when they discuss the BRK conundrum: too big to be ignored.........too small a volume to be included.......Oh ,by the way, a while back you questioned why I [or anyone else] would want to deal with a full service broker.....how does marketwatch.com @$17 sound?... or eBay @$18?..........
Paine Webber's pioneering research report on Berkshire Hathaway, Warren E. Buffett's celebrated holding company, is proving to be a literary hit rivaling the chairman's own annual letter to shareholders.
Despite an initial order of 10,000 copies, triple the usual run, supplies are running short, and a second printing is expected, probably in a matter of weeks, according to Alice D. Schroeder, the author.
She is the first analyst on Wall Street to bring an insurance perspective to the study of Berkshire, which has often been regarded -- especially before its acquisition last year of General Re -- as little more than a shrewdly assembled stock portfolio.
Ms. Schroeder, who began researching Berkshire last summer, was subsequently asked by Buffett, who was impressed with her approach, to be his designated analyst. In the fall he invited her to Omaha, where Berkshire is based, to provide access to managers who could help her put the wealth of publicly available information on Berkshire into perspective.
Paine Webber could not say how much of the demand for copies of Ms. Schroeder's 54-page report was from outsiders, but many investors clearly think enough of it to pay $540 for it, or $10 a page, a not unheard-of cost for superior Wall Street work. Paine Webber customers get copies free.
Berkshire's A shares soared $11,500 during the first three trading days last week, closing on Wednesday at $76,500, before retreating to $71,600 on Friday. This was still well short of the intrinsic value of between $91,000 and $97,000 that Ms. Schroeder assigned to the stock in her report.
As for Buffett's own next publishing effort, this year's Berkshire annual report is to be mailed in mid-March. It contains "a few surprises" about this year's shareholder meeting, to be held May 3, according to a Berkshire spokeswoman. On-line access to Buffett's latest thinking, at www.berkshirehathaway.com, is to be available on March 13.
Robert D. Hershey Jr. The New York Times February 7, 1999