Subject: Dividends
I just came across an old article by Terry Smith on the topic of dividends. Since he makes his point using Berkshire as an example, I decided to post it here. He compares the current performance of Berkshire with the (fictional) performance of Berkshire with a 50% dividend payout after tax. Really astonishing! The performance gap is, of course, even larger if, like me (Swiss), you don't have to pay any capital gains tax (while dividends are taxed in Switzerland).

https://www.ft.com/content/75e...