Subject: Re: Berkshire's stock price
Hi Nola, do you recall what year it was when the SEC wanted brk to mark to market its ibm position, and Buffett was opposed to marking? I believe it was a sec comment letter. Thank you.

I think you are remembering a different equity position, probably Kraft Heinz.

The SEC let Berkshire keep the IBM position confidential while he was buying it (so it was hidden from a few quarters of 13-Fs) but Berkshire always marked the IBM position to market because it was never an equity method level of ownership. I think he peaked at something like 8.5% of IBM. So always marked to market.