Banter and General Comments .. BRK, page-11307

Hi mate

The market cap of the company was $13 million at that time, so the value of the company / business has quadrupled but the share price hasn’t due to capital raise dilution.

Equity dilution, especially when done at steep discounts to intrinsic value, is a killer of shareholder return. The biggest “ gift” BRK can give its shareholders is continue to grow the business, whilst at the same time buy back as much stock as possible when excess capital is generated.

Thankfully , this is the plan presently articulated. The recent 5% repurchase was a good initial first step in unwinding the dilution. More importantly, the business will grow in material steps with the development of each DSU.

Cheers

Dan