I absolutely hope Ms Decker fails to influence the rest of the board on this matter, which could evolve into a consensus decision after WEB leaves the scene.

💯

I wouldn't mind if Warren replaces Ms. Decker with another capable individual who also owns a lot of stock on Berkshire board. After all these years, Ms. Decker hardly owns any Berkshire stock and is an anomaly among the Berkshire board members. I double she can think like an owner. She can casually say things like big one-time dividend because she doesn't suffer from it (huge tax bills to owners). The capital allocation priorities at Berkshire should be (in that order):

1. Invest internally at a decent rate of return,
2. Purchase businesses in whole (80-100%) or minority stakes (mostly in public equities) if they are available for a fair price,
3. Buyback stock liberally below intrinsic value, and
4. Declare a small but variable dividend if necessary (cash building up with no other opportunities listed in 1,2, or 3 are avaialble for the foreseeable future). This fourth one is common among European companies.

Berkshire Hathaway FAQ

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