Subject: Re: Owners Manuel
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?

Well, I can't tell you how many retirees I talk to that love their dividend portfolio because "that way I'm not touching my nest egg".

There's something psychological about selling shares for cash. So, they'd rather get less in dividends than a higher share price.