"BRK dividend doesn't do anything for anyone that they can't already do themselves with periodic sales."

But it also comes at a cost for those with smaller holdings that may then have no shares left to hold.

"The huge cash pile creates optionality - never a bad thing in uncertain times." Which is often why some investors like to receive a cash dividend even if it isn't the most 'efficient' way for the company to allocate the capital.

I remember reading about Warren being involved in a situation where a dividend was paid (presumably to him but may have been by him?) but treated as a return of capital so didn't have any tax implications. I think it may have been back in the 70's. Presumably tax laws have changed around it now - but given the wide range of businesses operating under Berkshires umbrella, presumably there might be conditions that might qualify if BRK wanted to go down that route?