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How does the issuance of Class B shares affect A shareholders?

Buffett & Munger1996-05-06videoOpen original ↗

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SpeakersQuestioner1Warren1
QuestionerDo you think that the issuance of the B in any way penalizes the A shareholders, either one or might penalize it, either one financially or two, philosophically, in the brief experience?
WarrenWe wouldn't be doing this if we thought it would hurt present shareholders. Much as we might detest something else that was going on, and we designed it, so we felt that it wouldn't hurt present shareholders. In terms of them having a philosophy, new shareholders having a philosophy similar to the present ones, we've tried to filter those out coming in. I don't see any reason that, you know, Berkshire has evolved over a long period of time. We had 12 shareholders at the annual meeting 15 years ago, and we seem to be able to retain the same class and group of shareholders in terms of people who really understand the business. It's a different group than you find at other companies. And I think we can, as long as we've had this filter in effect operating as new people join us, I think we can keep it.