Warrent Buffett, chairman and chief executive of Berkshire Hathaway commented in Berkshire's 1983 annual report: "We are often asked why Berkshire does not split its stock.... we want shareholders who think to themselves as business owners with the intention of staying a long time. And, we want those who keep their eyes focused on business results, not market prices." In its 40-year history, Berkshire Harthaway has never split its stock.
a) What are the consequences of not having done any stock split?
b) Was there any way to buy a fraction of such expensive stock before 1996?
c) In February 1996 Berkshire Harthaway created a second class of stock (the Class B shares). How did it work and what was the reason of such corporate action?