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Strategies & Market Trends : Buffettology

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To: M CAHILL who wrote (1017)	1/27/1999 12:29:00 AM
From: James Clarke	Read Replies (1) of 4691

I think Buffett refuses to split the stock because he wants the stock to appeal to a unique type of investor. At 60,000, that means a very rich one, but that is not what he had in mind. He has gone to great lengths to differentiate Berkshire from the Wall Street game, because he thinks that game is silly. No IR department, no conference calls. He has solicited no analyst coverage even though he could have done it in two seconds, and for the same reason he has not jumped through hoops to get in the S&P index. Would a split increase the value of the shares? Would being in the S&P 500 index increase the value of the shares? The owners Buffett wants in his stock don't ask these questions. I think most of all he does not want mindless institutional ownership. (And although I own the stock now, I am not one of those "chosen" - I have not decided what to do with it yet - all I know now is that I got a pretty good entry price so I have all the time in the world to think about it.) JJC

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