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Berkshire shouldn't pay a dividend during Buffett's reign for four reasons. The first is that dividends are woefully tax inefficient, as Buffett elucidates in this year's annual letter and in past ones. Essentially, the tax man's taking a cut of the annual dividends you receive lowers the long-term trajectory of your total investment return. By keeping cash inside the business and reinvesting at high rates, you instead let your gains compound while deferring your tax bill. You end up wealthier overall as a result.
The second point Buffett makes is that many, if not most, Berkshire investors are net savers who may not actually want dividends, including me. The third is that, with modern-day trading costs at nominal levels, large shareholders can simply sell small bites of their Berkshire stake over time. Why subject 100% of Berkshire investors to a tax-inefficient return on capital that many of them don't even want when the small minority of those insistent on current income can simply sell small lots of shares?
The fourth point is key, though Buffett is too kind to say it himself: Warren Buffett is a better investor than you. You will not be able to match his returns for a number of reasons including, but not limited to, his decades of experience, temperament, razor sharp wit, dexterity across style boxes and asset classes, and access to choice deals like ones he scored with Heinz and Bank of America. Berkshire also has a bevy of high-quality, capital-hungry businesses that can wolf down large amounts of capital while still earning high returns on investment. Berkshire is the last stock in your portfolio you want paying you a dividend.
