Re Dividends, it seems clear that such would result in taxable income to the Buffett family and many other long term shareholders in very large amounts that they don't need and don't want. With no tax advantages over buybacks.

And that also counts for a lot of us lower tier shareholders. See non-Buffett shareholder voting when the question was asked. Overwhelming not wanted.

This is an old point, but it doesn't seem to be getting the weight it deserves in these dividend discussions.

Buffett has made his position clear, with examples. If you want a dividend, create your own by selling stock according to the dividend level you desire.

I know I'm plowing old ground. It forms the basis for buybacks being preferred.

WHY would this change in the next decade or so?? I fail to see any advantages for dividends. The disadvantage is that they basically reduce the dry powder on an ongoing basis. Buybacks have the flexibility of waiting until they are to ALL shareholders advantage. And stopping when better opportunities exist elsewhere.

After that, the Buffett family holdings will no longer control Berkshire. I guess a new generation of shareholders might feel differently then.