Subject: Re: 2026 and beyond
“ When you read the rebuttals that by not paying a dividend now one will receive far more $ at some future date (hopefully the case as I am a stockholder) keep in mind that what is not being mentioned is "present value." If I give you a $1 today it is probably going to be worth far more than the $1 I give you 20 years from now. That future amount of $ needs to be discounted back to the present by the discount rate that one feels is appropriate and/or comfortable with.”

I’m reminded of that famous exchange between Warren and Charlie. Paraphrasing:

Charlie: Warren talks about discounted cash flow analysis, but I’ve never seen him do one.
Warren: Some things you only do in private, Charlie.

You don’t need to do the math if it’s obvious at first glance.