QuestionerIs there any point at which your stock would rise to the point where you might split the stock? I think the idea of carving ownerships in an enterprise and a little tiny $20 pieces is almost insane. It's quite inefficient to serve as a $20 account, and I don't see why there shouldn't be a minimum as a condition of joining some enterprise. Certainly we'd all feel that way if we were organizing a private enterprise.
WarrenYeah, we would not carve it up in $20 units. We find it very, it's interesting because every company finds a way to fill up its common shareholder list, and you can start with the A's and work through the Z's, and you know, every company in New York Stock Exchange, one way or another, has attracted some constituency of shareholders. And frankly, we can't imagine a better constituency than is in this room. I mean, we don't think we can improve on this group, and we've followed certain policies that we think attracted certain types of shareholders and actually pushed away others. And that is part of our eugenics program here at Berkshire. Yeah, just look around this room and as you mingle with one another, this is a very outstanding group of people. And why would anybody want a different kind of a group? Yeah, if we follow some policies that cause a whole bunch of people, people to buy Berkshire for the wrong reason. The only way they can buy it is to replace somebody in this room or, or in this larger metaphorical room of shareholders that we have. So someone in one of these seats gets up and somebody else walks in. The question is, do we have a better audience? I don't think so. So I think that Charlie said it very well.