First, I'll stipulate that there are enough typos in this letter to lead some to believe I wrote it, but I didn't write it.

I oppose a 100$$ a share dividend, I suggest a 1$$ a share quarterly dividend.

Spinning out many of our subs is something I suggested many years ago, but that isn't going to happen until Buffett sells off most of his shares via the foundations and gives up control.

" CONCLUSION:
A Legally Sound and Strategically Compelling CASH DIVIDEND PAYOUT
APPROXIMATING $100 a share and the spin-off of the subsidiaries as described in this
presentation, is in our opinion, a sound corporate undertaking.
In summary, the declaration of a substantial dividend by Berkshire Hathaway, utilizing its
considerable cash on hand and current/prior fiscal year's net profits, is unequivocally supported
by the Delaware General Corporation Law, particularly Section 170.
Berkshire possesses an enormous "surplus" based on the current fair value of its assets, and its
recent "net profits" are more than ample to cover such a distribution, and should be made.
The Board of Directors, acting in good faith, in a fully informed manner, can confidently exercise
its discretion under the robust protection of the business judgment rule.
This proposed dividend and the spin-off is not merely legally defensible; it is a strategically
compelling move. It acknowledges the changing dynamics of capital deployment for a company
of Berkshire's magnitude, provides a direct return of capital to shareholders, and sets the stage
for a broader restructuring that we believe will unlock further intrinsic value.
It is a decision that respects Berkshire's and Mr. Buffett’s legacy of value creation while
adapting to the realities of its current scale and market opportunities and eliminates the
“last conglomerate’s CONGLOMERATE DISCOUNT.
This step will demonstrate the Board's commitment to continuously optimizing shareholder
returns in an evolving financial landscape.
Berkshire Hathaway’s distribution of stock in each individual business, and a cash dividend,
represents a great unlocking of value for every stockholder and dismantling the Berkshire
Hathaway “conglomerate discount” structure.
This strategy, would be unlocking the "conglomerate discount" value, and could potentially
create in our opinion, one of the most valuable companies in the world, based on the valuation
of the separate entities then becoming each publicly trading.
Currently Berkshire’s market valuation approximating $1 trillion, presents a small
premium to the value of simply its cash and trading stock positions, while placing little
value on its approximate 180 known direct and indirect subsidiaries."