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The transaction unfolds thus: Shares sold, 23,506; Shares withheld, 203,571; Value, $226,400 by weighted average. Post-transaction, she retains 868,627 shares, a holding worth $8.2 million. The ledger, with its clean rows, betrays not frenzy but arithmetic routine. One might imagine Ms. Miller, quill in hand, inscribing these figures into a ledgers that have long since learned the gravity of silence.

The total number of shares sold minus any shares bought during a specific period.

Among Berkshire’s crown jewels are four of the Dow’s finest-Apple, American Express, Coca-Cola, and Chevron-all businesses that, like well-made clocks, seem to run on inertia and a bit of good luck. Add to this the shiny new addition of Amazon, which waltzed onto the Dow stage last year, and Visa-an ingredient in the grand financial alchemy that turns small deposits into giant profits-makes a notable cameo in this play.

The prospectus, a 19-year-old parchment, whispers that VYM’s recent returns-5.74% over twelve months-outpace HDV’s 2.06%. Yet HDV, with the cruel efficiency of a tax auditor, extracts a higher yield: 3.09% to VYM’s 2.49%. The numbers are immutable, etched into the ledgers of the market, but their meaning dissolves in the fog of investor intent. Expense ratios? A bureaucratic squabble: 0.06% vs. 0.08%. Assets under management? VYM’s $81.3 billion swells like a bloated river, while HDV’s $11.7 billion trickles through narrower channels.

When a corporation announces a split, the stock price often dances upward, as though the act of division could multiply value. Investors, those creatures of habit and hope, rally to the spectacle, mistaking the rearrangement of shares for a testament of strength. Yet what is this but a mirror held up to human folly? A split does not alter the company’s essence; it merely shuffles the deck of ownership, leaving the house of cards intact. The management, in their declarations of bullish intent, speak with the confidence of orators, yet their words are but echoes of the crowd’s own delusions.