Subject: Re: The Future and the Law of Large Numbers
The Huber article was good - thanks for sharing it. I was surprised in his dividend discussion that he didn't mention that a dollar of cash inside Berkshire is being valued at $1.50 by the market, so even without the tax considerations it is better to sell a portion of your position if you want/need a "dividend" than it is to pay out a special or regular dividend.

I suspect Berkshire will be a share repurchase machine long before a dollar inside Berkshire is valued at less than a dollar by the market. So BRK at less than 1x book value seems increasingly unlikely.

So dividends don't really seem rational and Berkshire prides itself on being rational over being conventional.