Subject: Re: Why you don't want Berk to pay a dividend!
Excellent work @RalphCramden!

Just for my own clarification, I assume you converted each year's retained earnings into 2025 numbers by using a chained CPI from that year until 2025. Then you added these CPI adjusted retained earnings for 10 years. Please confirm my understanding.

These were exactly the same arguments Buffett used roughly 10 years ago when he wrote about the relative unattractiveness of dividends (because you can always get > $1 of retained earnings by selling a portion of your stock).