Berkshire Hathaway 2013 Annual Report Download - page 112

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.
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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 2,900 record holders of its Class A common stock and 19,300 record holders of its Class B
common stock at February 14, 2014. Record owners included nominees holding at least 450,000 shares of Class A common stock and
1,170,000,000 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:
2013 2012
Class A Class B Class A Class B
High Low High Low High Low High Low
First Quarter ........................ $156,634 $136,850 $104.48 $ 91.29 $123,578 $113,855 $82.47 $75.86
Second Quarter ...................... 173,810 154,145 115.98 102.69 124,950 117,551 83.33 78.21
Third Quarter ....................... 178,900 166,168 119.30 110.72 134,892 123,227 89.95 82.12
Fourth Quarter ....................... 177,950 166,510 118.66 110.84 136,345 125,950 90.93 83.85
Dividends
Berkshire has not declared a cash dividend since 1967.
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