Berkshire Hathaway 2011 Annual Report Download - page 102

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This “what-will-they-do-with-the-money” factor must always be evaluated along with the “what-do-we-have-now”
calculation in order for us, or anybody, to arrive at a sensible estimate of a company’s intrinsic value. That’s because an outside
investor stands by helplessly as management reinvests his share of the company’s earnings. If a CEO can be expected to do this
job well, the reinvestment prospects add to the company’s current value; if the CEO’s talents or motives are suspect, today’s
value must be discounted. The difference in outcome can be huge. A dollar of then-value in the hands of Sears Roebuck’s or
Montgomery Ward’s CEOs in the late 1960s had a far different destiny than did a dollar entrusted to Sam Walton.
************
BERKSHIRE HATHAWAY INC.
COMMON STOCK
General
Berkshire has two classes of common stock designated Class A common stock and Class B common stock. Each share of
Class A common stock is convertible, at the option of the holder, into 1,500 shares of Class B common stock. Shares of Class B
common stock are not convertible into shares of Class A common stock.
Stock Transfer Agent
Wells Fargo Bank, N.A., P. O. Box 64854, St. Paul, MN 55164-0854 serves as Transfer Agent and Registrar for the
Company’s common stock. Correspondence may be directed to Wells Fargo at the address indicated or at wellsfargo.com/
shareownerservices. Telephone inquiries should be directed to the Shareowner Relations Department at 1-877-602-7411
between 7:00 A.M. and 7:00 P.M. Central Time. Certificates for re-issue or transfer should be directed to the Transfer
Department at the address indicated.
Shareholders of record wishing to convert Class A common stock into Class B common stock may contact Wells Fargo in
writing. Along with the underlying stock certificate, shareholders should provide Wells Fargo with specific written instructions
regarding the number of shares to be converted and the manner in which the Class B shares are to be registered. We recommend
that you use certified or registered mail when delivering the stock certificates and written instructions.
If Class A shares are held in “street name,” shareholders wishing to convert all or a portion of their holding should contact
their broker or bank nominee. It will be necessary for the nominee to make the request for conversion.
Shareholders
Berkshire had approximately 3,500 record holders of its Class A common stock and 18,500 record holders of its Class B
common stock at February 15, 2012. Record owners included nominees holding at least 490,000 shares of Class A common
stock and 1,065,000,000 shares of Class B common stock on behalf of beneficial-but-not-of-record owners.
Price Range of Common Stock
Berkshire’s Class A and Class B common stock are listed for trading on the New York Stock Exchange, trading symbol:
BRK.A and BRK.B. The following table sets forth the high and low sales prices per share, as reported on the New York Stock
Exchange Composite List during the periods indicated:
2011 2010
Class A Class B Class A Class B
High Low High Low High Low High Low
First Quarter ........................ $131,463 $118,792 $87.65 $79.14 $125,252 $ 97,205 $83.57 $64.72
Second Quarter ...................... 126,100 109,925 84.09 73.23 122,908 102,751 81.95 68.48
Third Quarter ........................ 117,250 98,952 78.19 65.35 128,730 113,622 85.86 75.62
Fourth Quarter ....................... 120,755 104,701 80.58 69.07 126,568 118,201 84.45 78.72
Dividends
Berkshire has not declared a cash dividend since 1967.
100