AUDIENCE MEMBER: My name is David Hendel (PH). I’m from Boca Raton, Florida. To your knowledge, will this program effectively discourage the unit trusts? WARREN BUFFETT: Well, it’s certainly designed to. And I think the answer to that is yes, because I see no way that a unit trust — either in connection with the initial offering or with the subsequent trading — I see no way that the unit trust could offer people as an efficient and inexpensive way of participating in Berkshire as direct purchase of the B.
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1996: Will class-B shares effectively…
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AUDIENCE MEMBER: My name is David Hendel (PH). I’m from Boca Raton, Florida. To your knowledge, will this program effectively discourage the unit trusts? WARREN BUFFETT: Well, it’s certainly designed to. And I think the answer to that is yes, because I see no way that a unit trust — either in connection with the initial offering or with the subsequent trading — I see no way that the unit trust could offer people as an efficient and inexpensive way of participating in Berkshire as direct purchase of the B.