"Most managements feel that, on the price of their shares, the higher the better — and that's an understandable feeling. But, the trouble is that the game isn't over at any time. We really feel — the fairer the better. Our goal is that every shareholder participates in the progress that Berkshire makes as a business during their holding period. We don't want one party getting wealthy off the other. We want them to share based on the gain in value of the business .. In economics the most important question ... — maybe important beyond economics, too — ... when ... somebody ... tells you something, the first question to ask yourself is, "And then what?" ... the stock going up is not an end of itself ... we really like the idea of the price tracking intrinsic value over time ..."