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Arthur Clarke's avatar

My sense is that a dividend is highly unlikely during Warren’s lifetime: he doesn’t need the money, and a dividend would result in unnecessary taxes, which would reduce the amount ultimately intended to go to charities. My further sense is that Berkshire, with Warren’s planning, has several things up its sleeve that would be superior to a dividend. Top of the list would be the distribution of appreciated securities, like Coke or Amex, to shareholders, which would transfer the related deferred tax to shareholders, who would have the choice to hold or sell.

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