As a widow my wife wants dividends not buying and selling stocks. She loves gardening,flower arranging, and traveling. And with the wonderful marriage I'm enjoying she is set up to continue as she wants when I'm gone...and with its' emphasis on dividend growth ACAS is a nice part of her portfolio. I want her to sleep well at night and know that folks like Malon are keeping her checks coming. Buffet can keep the retained earnings,,my wife will love living on hers.
Disagree. Berkshire is able to benefit from complex tax rules governing ownership of insurance companies which has been a rich source of tax favorable low cost of funds over Berkshire's many years in business.
Berkshire holds its portfolio of companies together for many many years. Pays no dividends and retains its earnings.