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Cede and Company own everything and your broker has only a beneficial interest in those shares owned by Cede and Company. And you have just a beneficial interest in the beneficial interest your broker has in those Cede and Company shares. So most investors are at the mercy of Cede and Company's underground vault on Water Street, and the records maintained by the DTCC, and then the records of those records maintained by your broker.

By using DTC's Direct Transfer System to let BRK shares register in my name I would not be at the mercy of Cede&Co. nor DTC nor my broker.

As I am the direct owner your multiple beneficial owners scenario can't happen, my broker can't lend or sell my shares wrongly or fraudulently in case collapse etc.

I would only be as you put it "at the mercy" of BRK's (as the share-issuing company) transfer agent who is maintaining their share registry for them.

Wrong?
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