If indeed there is a future dividend, I think the board would have no hesitation to declare a stock dividend to existing shareholders if that means a more tax efficient return of capital.

A stock dividend isn't a return of capital. It does nothing to make the firm more valuable or enrich the shareholders. All it does is reduce dilution for shareholders of companies that issue a lot of shares for compensation or acquisitions. It makes no sense for BRK. If the directors want to return capital to shareholders, they can just keep buying shares opportunistically, and if they are feeling generous, they can establish an IV-plus-or-minus "floor" for the stock, so existing shareholders who want cash can always sell their shares at a fair price.

As we have discussed here many times, a BRK dividend doesn't do anything for anyone that they can't already do themselves with periodic sales. That might even be in the Owner's Manual. If you think you can do better than BRK going forward, you should be selling (withdrawing capital) now anyway, because prices are historically high.

As for me, I'm holding. WEB did not have to sell Apple or BAC. He has something in mind. The huge cash pile creates optionality - never a bad thing in uncertain times. I agree that the company will evolve with Greg the quintessential manager in charge, but I assume WEB and the board chose him to execute a strategy, so that's fine with me. I can't wait to see what it is.

abromber