Jim, I'm laying 5 to 1 that the creator of this letter did NOT consult with you prior to writing it!!


Thank you, hc

"
Demonstration of Due Care:
The act of seeking and relying upon such opinions demonstrates the Board's commitment to
due diligence and making a fully informed decision, thereby strengthening the applicability of the
business judgment rule.
Therefore, as long as the Berkshire Board acts with diligence and good faith, its decision to
declare a dividend will enjoy the full protection of the business judgment rule under Delaware
law.
By pairing this dividend initiative with a public commitment to merit-based strong board
appointments, transparent succession planning, and strict adherence to NYSE independence
rules, Berkshire would send a powerful signal to the market that it is putting the welfare of
stockholders first.
Countering the "No Dividends" Philosophy: A Legal and Strategic Perspective
Mr. Buffett's long-standing announced philosophy has been to reinvest company earnings.
HOWEVER, HIS STATEMENT CONTRADICTS WHAT MR. BUFFETT HAS ACTUALLY
DONE, CONSIDERING THE NON-INVESTMENT OF THE SIGNIFICANT CASH ON HAND,
rather than distribute the cash as dividends, believing that Berkshire can achieve superior
compounding of capital internally. BUT IT HAS NOT.
BERKSHIRE ALONE REPORTEDLY HOLDS 5% OF ALL US TREASURY SHORT TERM
NOTES THAT PAY A PALTRY 4.1%!
That decision, in OUR opinion, represents a significant dereliction of managing the
excess funds of Berkshire."