Ann: Quarterly Activities Report and Appendix 5B - December 2021, page-285

Timing and the recipients were contributing factors on top of a less than favorable CR.

3 of the top 20 holders (which was controlled/influenced by 1 individual) sold out completely dropping just under 130m shares in about a month. This set the tone for the downward momentum and burnt a lot of retail investors that perhaps were wanting quick returns, this appears to have triggered more selling. This happened at the same time as COP26 (I think that's what it was called) and many other commodities have been in the limelight ever since.

Apart from the questionable but very necessary CR, BRK have not missed a trick. BRK modeled their financials off a $60 POO and was profitable at the price point. Look where the POO is now $90+ Apart from any disaster event impacting BRK operations, the POO is going to be the main driver of the SP until Rangers and/or Flames begin to flow. IMHO

Again IMO, even if you factor in the options into the MC, BRK is still undervalued as of today.