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Several years ago, there were periods of time when the Class B shares traded at persistent discounts to the Class A. This is an old chart that I made when the discount was particularly unusual back in 2008-09 (back then the ratio was 30 Bs per 1 A - this was before the 50:1 B split):

http://www.rationalwalk.com/wp-content/uploads/2009/02/brkab...

Most of the time, the ratio should be roughly 1500 B per 1 A but sometimes this gets out of whack. In theory, the Bs should never trade at a premium to the As because of the conversion rights of the A shares. A shareholders can convert to B shares but B shareholders cannot convert their shares to As.

I haven't looked at the ratio in a long time but my impression is that it has been pretty close to 1500:1 for a long time, especially since the B split and the addition of Berkshire to the S&P 500.

As much as I used to look at this, I never made a dime on this supposed "arbitrage" and I wonder if anyone did. Surely there were better ways to occupy my time in early 2009 so I consider looking at the issue a waste of time in retrospect.
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