Subject: Re: Some Thoughts - Maybe Too Many
I hope not.

Berkshire could pay a 2% annual dividend out of operating earnings. That would mess up our tax planning, but not too badly.

Yes a huge one-time dividend would be the worst case scenario for very long-term Berkshire shareholders. I would prefer no dividend at all but I would grudgingly accept a small dividend as the lesser of two bad choices.

Th best choice for un-investable (at good returns) excess cash would be if Berkshire board can provide the option to shareholders of either stock or cash. Long-term owners averse to paying huge taxes can choose stock and decide to either sell when they choose to (and how much) or make charitable donations in stock.