“Yes, it's likely that Berkshire will opt for a dividend at some point, though I doubt it will be any time soon. I think that the typical market multiples the year(s) after that will be lower than the typical multiple in the years leading up to that, not higher. They'll be treated as a utility.”

I recall Warren at one of the meetings (forget which one) essentially said that when BRK pays a Dividend, it will be a loud warning sign and essentially an admission to all that they will no longer be able to compound that retained $1 into something more than a $1 of current value. It will be a sad time imo and I take him at his logic and word.

I’d truly be shocked to see a dividend policy before he leaves this world. I highly doubt he would start paying a dividend for any potential temporary market bump in the stock price or to generate more demand for the stock, unlike other CEOs. In general, Warren & Charlie have selected for the true loyal and informed long-term shareholders they have desired. Most owners have no interest in a dividend until absolutely necessary.