Because their shareholders aren't as smart as BRK shareholders?
...
Don't you think if there was as much demand for a dividend paying BRK share that an ETF would have opened up which owned more or less nothing but BRK and paid a dividend?

There was a company a few years ago that had two share classes.
One class got the dividend paid in cash.
The other class got shares worth the exact same amount.

More people owned the 1st class than the 2nd class.

If the people in the 2nd class immediately sold those shares as soon as they receive them, they would get more cash than if they had the 1st class.

IIRC, the difference in price between the 2 classes was about 10%.

Owning the 1st class instead of the 2nd class was financially dumb. They gave up dollars just for the warm feeling of getting cash money. Worse, if they reinvested the dividends -- which a lot of people do -- they received fewer shares (in value) than the 2nd class got.

This persisted for YEARS. Management railed against the illogic of people preferring the 1st class for YEARS. Finally they threw in the towel and merged the two classes into one.

I collected literally free money for quite some time by owning the 2nd class.
The people who owned the 1st class got the illusion of free money at the cost of losing ACTUAL free money.

Berkshire Hathaway FAQ

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