else has brought it up, I did on the Fools board, and I'm sharing the post because I know how many old timers will react. '' Dividends, Good morning, I'm surprised you have missed the most obvious issue. Selective disclosure, currently being practiced by Buffett, so late in life, is a terrible idea, imo. Is there any doubt in your mind that if Buffetts hand picked, stock picking gurus, had successfully beaten spy the past ten years, it would be clearly disclosed in the first two pages of the annual letter? Since Buffett refuses to disclose this data, obviously, brk wasted tens of millions trying to do what Buffett has spent decades recommending the investing public, not to do, don't pay big money trying to beat the averages. For those of us who have owned and followed brk for decades, I have a hunch, the rules have changed. I believe Buffett is now, looking over the shoulders of T and T , and making, suggestions. We may never know the facts until both Buffett and Munger pass, if ever. Stay well.''