1996: Is there a time limit for converting class A shares into class B shares?

AUDIENCE MEMBER: This Joe Greer (PH) from Omaha, Nebraska of all places. (Laughter)

Regarding the conversion privilege, is there a time limit on the converting from the A to a B?

WARREN BUFFETT: No. That’s a good — I’m glad you asked that question.

The first five days or so after issuance — business days — there’s no conversion. But after that, you’ll be able to convert until judgment day. It’s forever convertible from A to B. But it’s not convertible from B to A.

So there’s no need to convert it until you have a reason to do so. It — and as I’ve pointed out, there’s a very slight disadvantage in converting. And I wouldn’t — until I had a need, I would not convert it.