Subject: Re: Owners Manuel
whether retention, over time, delivers shareholders at least $1 of market value for each $1 retained....
Simple questions, IF brkb initiated a quarterly div ...


Another good question to add to your list---

Given that the market value of each share of Berkshire rose by $1.97 for each dollar retained in the five years ending at the date of the most recent financial statements, and that test is therefore clearly still being met with flying colours, would you as a fiduciary be comfortable getting for your beneficiaries less than a dollar worth of dividends for each dollar allocated to dividends, instead of around $1.97 of increased market value of shares?

Jim