Subject: Re: The S&P 500’s Yield Is Weak.
Dear Uncle, with your favorites long term hold currently yielding 1.1 % have you given much thought to brkb yielding a half to 1 % next year? Would that dividend increase demand for brkb common?

Are you sure declaring a dividend would make "number go up"?

I could just as easily see the market saying: hmmm, these guys really have no idea what to do with all that cash, they're even paying a dividend now! And re-rate Berkshire back to 1.25x book. Which would allow Berkshire to buy back a lot of stock (above book value, mind). Could end up with no excess cash and a 50% of operating earnings payout ratio. A low-growth, stodgy dividend payer. I don't think I want that.