❝ Google adopted a dual class capital structure
When Google went public in 2004, founders Larry Page and Sergey Brin published an owner’s manual inspired by that of Berkshire. It contains commentary on fundamental challenges facing public companies, especially how to maintain a long time horizon in a market so focused on stock price. Among other tools, they adopted a dual class capital structure—much like that Fairfax adopted decades earlier—ahead of a wave of adoptions that followed.