Subject: Re: Numbers
People who wish for a dividend from BRK should never have invested in BRK. It doesn't pay a dividend and -- hopefully, most likely -- never will. The last time it came up for a vote, the results were clear: NO DIVIDEND.

If you're interested in circles, don't buy a square.

💯

If at some point the board of directors of Berkshire declares a dividend some day in the future (and I hope that day never comes), it would be a sad day indeed for shareholders. It means that the management is admitting defeat in retaining 100% of earnings & reinvesting them at attractive rates of return for shareholders' benefit. Those who are clamoring for a dividend better hope they don't get what they want. It will surely reduce the compounding growth rate at Berkshire.

In the meantime, I hope Greg & Warren just buyback stock whenever it is the best use of resources while waiting for a juicy opportunity to do something big & meaningful (acquisitions or equity purchases in the open market) that can move the needle at Berkshire. The other advantage of buybacks is that they can be turned on or off as the price/value equation and alternate uses for cash change.