Of course, he holds $40.7 billion in Berkshire shares.

Mr. Buffett, on the other hand, has always managed for the long run and discouraged trading of Berkshire shares.

Although the new Berkshire shares will be the second-most expensive in this country, they will not be able to claim that prize internationally.

Rather, Berkshire shares are relatively illiquid.

In 1996, Mr. Buffett issued shares valued at 1/30th of an original Berkshire share.

That has led to some weakness in Berkshire shares.

In the last 31 years, the book value of each Berkshire share has soared to $14,426 from $19 - almost an 800-fold increase.

Manville stock rose $2.13 yesterday, to close at $12.88; Berkshire shares fell $1,400, to close at $66,500.

Could it be that investors think Berkshire shares should trade at a significantly higher premium to its stock portfolio because the company's insurance business is growing astronomically?

(It followed an announcement that two investment firms planned to buy Berkshire shares and resell them to the little guy in $1,000 unit trusts.)