Subject: Re: In progress observations
Gemini tells me total trading volume for A and B shares combined over the last 3 years was:

Year Class A (BRK.A) Class B (BRK.B) Combined Total
2025 $88.20 B $466.20 B $554.40 B
2024 $80.64 B $403.20 B $483.84 B
2023 $71.82 B $340.20 B $412.02 B

5-10% of 2025 total trading volume is $27.7B - $55.4 which seems reasonable if it gets cheap enough.


So far, the cash hasn't hurt BRK ability to trade at a decent P/BV. And if it trades at a significant discount to IV they'll probably buy back up to 10% of volume. I think they bought back $9B in Q3 and Q4 of 2020.

Throw in the occasional OxyChem $10B, Apple $38B, Allegheny $10B, Japanese companies $15B and they'll stem the tide a bit.

BRK owns or has owned, Apple, Google and Amazon which are big companies. Warren said he put 10% of Berkshire's resources into Apple. With current resources, they could put another $10B in Apple, $65B in Google and $70B in Amazon, at the right price.

In the AM, Greg said there are probably 10-15 companies that are big enough and of high quality that he follows closely that could move the needle, at the right price. Will we ever see the right price? Should he put your money into them if a good price never materializes?

There are 12 with market caps over $1T. There are about 100 companies over $200B market cap.

Berkshire has $10+B in 8 companies currently. 5 are greater than $200B market cap, Oxy is only 58B, Moody's $79B and Chubb 125B total market cap.

There are ~350-400 companies in the US with market caps greater than $58B so there are still some places to stash away $10B or so.

It's simple but not easy. It has rarely been easy. When did Charlie and Warren first say there are no called strikes and you have to wait for a fat pitch? 1974 maybe?