I remember it was a discussion topic during my graduate degree in finance. According to theory, the story about unsophisticated investors is stupid since you could basically start an ETF with only BRK stuff in it and sell it at a lower price.
You can skip ETF management fees and just look up their latest SEC filing. Here is a pie I made in M1 (which you can invest with the click of a button if you have an account) which is similar to their public holdings but with tech stocks (Apple and SNOW) removed: https://m1.finance/6rAREGn34Ai2
Fund shareholders typically don’t show up to the shareholder meetings of the fund’s underlying holdings and don’t vote because the fund itself is the shareholder, rather than the fund’s shareholders. (If that makes sense...) So it did in a way keep the unsophisticated investors from exercising too much control but it did bring fund managers into the mix. Which is arguably worse. Hence BRK.B.
