Subject: Re: Owners Manuel
Thanks for another walk down memory lane.

" We feel noble intentions should be checked periodically against results. We test the wisdom of retaining earnings by assessing whether retention, over time, delivers shareholders at least $1 of market value for each $1 retained. To date, this test has been met. We will continue to apply it on a five-year rolling basis. As our net worth grows, it is more difficult to use retained earnings wisely.
We continue to pass the test, but the challenges of doing so have grown more difficult. If we reach the point that we can't create extra value by retaining earnings, we will pay them out and let our shareholders deploy the funds."

Just in case a board member is reading the board. If I were a current board member of brk I would suggest we do a mailer to 40-50 fund managers, globally.

Simple questions,

IF brkb initiated a quarterly div to yield 1 % at current market valuations, and agreed to increase the div 5 % per year until we got our cash balance below 150 billion, agreed to buyback brk with less stringent hurdles, and Gregg committed to never do a major deal on a handshake but instead would always hire a forensic accounting firm before ever closing a deal, and team Greg committed to visiting every wholly owned sub to take a deep dive into current operations would you be more likely to add brkb to your portfolio?

If brk is currently short of funds I would be happy to pay the postage. Rather than ask current shareholders their opinion why not ask fund managers who can actually increase demand for brk common and help to absorb the selling via the foundations, going forward? How many of the fund managers sold the 5 MAG 7 stocks when they initiated a small dividend? WHY did those high PE companies initiate a small div, are they all poor capital allocators?

IF brk did that questionnaire the stock revisits 490 in a hurry. BTW, it's 2026 on the west coast in America, Buffett is going to be a huge seller for the next 10-12 years, he no longer wants a 20 % sell off. THINK!

I believe brk was a buyer below 480 last week, we shall know soon enough.