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I have a certificate for each of those shares in my safe deposit box at my bank.

You must be one of the few who took Buffett seriously on the 20-punch-card advice :)

Seriously, looking back over the past 23 years investing, I do think I would have been better off doing what you did--taking ownership of the certificate...and thereby the business. And not just with Berkshire. I've made the mistake of "taking a profit" far too many times, when I would have been much better served locking the certificate away in a vault. Moreover, knowing that was the game, I would not have been tempted by some of the less-than-wonderful businesses.

The certificate-in-the-bank is not quite so rigid as a 20-punch-card approach, but the friction of trading is probably just about right to prevent stupid behavior on both ends of the transaction.
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