How Class B shares compare to A · Transcript · BuffettMungerGPT

WarrenWe have made the B very slightly disadvantageous in two respects to the A. It has a lower vote and it will not participate in the shareholder contributions programs. There were reasons for both of those, but in addition to the explicit reasons, there also is the desire that the B not be made fully, it's just a slight bit inferior, but it's not fully as attractive as the A because we did not want to do anything that pushed everybody into converting into the B. If that started in a big way, the B would then enjoy the better market and it would create its own dynamic where it made sense for everybody to do it. So we have left it, so there is no reason for you if you own the A to convert to the B, unless you wish to sell or give away some portion of your holding that, would be less than a full A share, and it will be convenient for that reason, but beyond that, there should be no incentive. If the B should trade slightly above 130th of the price of the A, there will be arbitrage activity that will keep that from being anything other than a negligible amount. It of course could trade well below 130th because the B is not convertible into the A. We will treat The B, just as the A. We have a problem with numbers at this annual meeting, and we're going to have to do something next year, and we haven't figured it out yet either. But the suggestion was made by someone that maybe the B would get second-class seating or something. We're not going to have any of that.