Subject: Re: STEW, 40 percent brkb,
Why is STEW considered a cheaper way to own BRK?

People look at the large discount to NAV and think "WoW! I get to buy BRK 15% cheaper." And completely neglect to consider that is not really a benefit when you also get to _sell_ BRK 15% cheaper.

It's the same thinking as people who buy a high dividend yield stock while ignoring the price movement. Like CLM at 21% yield, and CRF also 21%.