One of the important reasons to have stock splits when prices get too high is to give the small investor a chance to participate. The recent rise of many company stocks has started to move away from this concept. To the extent that the uninformed private party or small-time speculator is better off not buying individual stocks, this is probably a good thing. Most investors would be better off participating in the stock market through index funds and exchange-traded funds.

This came to mind yesterday as PetroChina ADR (NYSE: PTR) closed at $236.44, meaning that buying a lot of one hundred shares would cost $23,644. This is a lot of money for most people and even for the avid investor, it is a lot to put in one stock. On Monday, Berkshire Hathaway (NYSE: BRK.A) closed at a mere $126,200 FOR ONE SHARE! But fear not -- you could have bought a single one of Berkshire's 'BRK.B' shares for a paltry $4,229.00. "My pal Warren" has elected not to split the shares of BRK - ever! He believes this promotes shareholders to be longer term investors instead of traders. This has worked out to be true -- sort of -- since due to the high share price, very few shares are traded. Berkshire is an anomaly for another related reason also -- it is the largest company that is not included in the Standard & Poor's 500 index, because there is a required minimum volume of trading, and it does not cross that threshold.

A couple of Stanford grads, now young billionaires, who started a company called Google (NASDAQ: GOOG) have decided to follow Buffett's lead and not split its stock either. Google closed yesterday at $620.11, so you must pay over $60,000 for a hundred shares of this stock. Apple (NASDAQ: AAPL), which closed at $166.98, is more likely to split its shares, maybe 2 for 1, from the talk on the Street, but that is just a rumor and it could change its thinking.

Another high flyer I have written about often is Intuitive Surgical (NASDAQ: ISRG), which has gone up over $140 a share this year, reaching as high as $264.51. I have not heard any perspective from the company about how it views stock splits, but I would not be surprised either way. At the rate ISRG is growing, it could do a 4-for-1 split and be back at $200 in two or three years. Barring some unforeseen competition, I see another 10 years of growth ahead for the company.

I have mixed feelings about stock splits myself. I do agree with Buffett that less volatility is a good thing, but BRK is less volatile by nature, where as high-flying growth stocks like Apple, Google and Intuitive are going to bounce much more. It is also possible to buy partial lots if you want to invest in something for the long haul, but buying 10 or 20 or 30 shares seems less comfortable, even if the values are equivalent. It is also a factor when investing for your kids.

To split or not to split, that is the question, and with earnings season upon us, we will be learning soon from some of these companies whether they are going to split. What do you investors think -- does it make a difference to you?

Disclosure: I own shares of BRK.B, ISRG, and PTR.

To find potential opportunities and verify my track record, read Chasing Value or Serious Money.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm.