I think it is fair game to criticize the 1.1x book limitation which I've done many times before and probably sound like a broken record because of it. However, I don't think it is in any way fair game to criticize how Warren Buffett chooses to dispose of his shares. What if he didn't give the shares away to the Gates Foundation and his family foundations and instead simply liquidated ~100,000 B equivalents per day just like the Gates Foundation is doing and then spends the $8-9 million daily proceeds on himself? Pretty much the same impact on the stock in terms of adding to the available float and adding a modest amount of daily selling. And it wouldn't be any of our business to criticize. The sales are what they are. What I am interested in understanding is to what degree a low single digit percentage of daily volume in additional selling impacts the stock price. I'm sure there are academic studies of this type of situation but I haven't come across any.
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