Berkshire’s competitive advantages explained: 1) massive capital to absorb big losses, 2) embracing uncertainty/volatility for higher return (no mistake calculation).
Buffett talked about difficulties faced by Buffalo News, World Book, etc., which is likely due to this paradigm shift towards online.
Berkshire shall create Class B shares in 1996, with 1/30 of economic interests and 1/200 of votes of Class A.