Subject: Re: SRH (STEW) CEF/Berkshire Hathaway
<<I've been discussing this CEF for 20 years on various boards. Once upon a time I thought Stew Horejsi, control shareholder, would just sell the entire fund to brk at a 5-7 % discount and cash out>>

That would have cost Stew several hundred million dollars in unnecessary taxes— as his tax basis is just a few bucks per share. And he would have missed out on several hundred million dollars in still-tax-deferred additional gains.