Index Funds

But I would think that it might get to be the case that, if you simply shorted the companies that got added to the S&P after the S&P effect had been felt, that that might — you might find that those stocks would tend to underperform, as that one artificial buy order, in effect, its impact wore off. So, I think something is going to happen. I think indexation has far exceeded what anybody anticipated, including S&P or including me or Charlie. And I think there’s been a good reason for it to develop. I think as it continues to develop it will have more and more impact on the market in ways that, probably, S&P is not that excited about, nor would the index funds be excited about. So, there’s likely to come a solution to the liquidity problem that might be particularly acute at Berkshire, but that prevails throughout the market, that occurs when stocks are added. And I would think if they adopt some solution, that certainly, if they adopt a solution of gradual weighting, that Berkshire would be a very logical candidate for the S&P. It really makes no difference to us what is done along that line. We would not unhappy being in the S&P, as long as it didn’t have some huge market impact at the moment of putting it in. On the other hand, you know, we love the owners we’ve got. And I don’t see how we could improve on this group much by having the index funds. So, it — we’ll see what happens on it. It is not a big deal to us. And we want to be sure if we’re ever added, it isn’t too big a deal to the market. Because I would not like — you know, the people who sold that day, might like it — but I would not like the stock to jump up, you know, $20,000 a share on one day because there’s some market order for 100,000 shares, and then gradually work its way back down to where it should’ve been in the first place. No one benefits from that except the people who sell in the very short-term. And that is not the group that I primarily worry about. Charlie?