Entirely consistent with this theme is the actual thinking of the company,

Warren said if he ever DID issue a dividend, it would not be Fixed. It would large some years, small others, zero others. He said he thinks the idea of "one-time" large payouts (occasionally) makes sense. This could be a window into the thinking of post Buffett distributions.

Unlike or much more than a Coke or Exxon or Walmart--the composition of Berkshire can change radically. It can hold cash at a size even greater than those entire blue chips-or it can run down cash to a level just sufficient for its potential Insurance obligations. It can buy or sell large entire businesses and it's willing to accept lumpy year to year earnings and cash flows--instead of inferior but predictable smooth earnings-- and the predictable cash payouts that frow from that year to year. We're not in the smooth 8% is better than lumpy 12% business. We're weird.

Cash on hand, opportunities and company balance sheets do vary over years :) I think Jim nailed this.

Berkshire Hathaway FAQ

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