Subject: Re: Somebody is wantin' them some A shares today
You smart folks probably realize this already, but the reported trading volume for A-shares is not even close to reality. Every trade of a fractional share is counted as 1 share in the reported volume. A-shares are not nearly as liquid as the volume numbers would indicate and Warren knows this, since he is in the market buying A-shares based on a % of ADV most days.

We have witnessed the rise of fractional share trading and the associated distortion of the data. Occasionally there is some impact from a real, non-Berkshire buyer of A-shares in size - like the Japanese buying of A-shares that coincided with/followed Warren and Greg's visit. Most of the volume we see cross the tape is fake fractional volume.