Subject: Re: From the FT
I personally think you will be wrong about that, for a good long time to come. I expect them to up the pace of buybacks instead …

You might be right, but the market is likely to discount Berkshire significantly at his demise, especially because the market is going to worry about how well his successor will do at deploying such large amounts of capital. While buybacks are probably a better use of surplus capital, dividends send a very clear signal about underlying value in a way that buybacks don’t.

Shall we place a small wager? I hope it’s not settled for a decade, but it could soon.