We hold to the view about stock splits that we set forth in the 1983 Annual Report. Overall, we believe our owner-related policies—including the no-split policy—have helped us assemble a body of shareholders that is the best associated with any widely-held American corporation. Our shareholders think and behave like rational long-term owners and view the business much as Charlie and I do. Consequently, our stock consistently trades in a price range that is sensibly related to intrinsic value.
