Don't Bet on Dividends From Berkshire: Warren Buffett thinks he can do a better job managing the firm's cash than shareholders can

摘要

FOR MORE THAN 45 YEARS, Warren Buffett, the chief executive officer of BERKSHIRE HATHAWAY (SYMBOL BRK-B, $124), has declined to pay a dividend. A vocal group of shareholders would like that to change. But Buffett has repeatedly expressed his view on the subject: No dice. "He feels he can earn a higher return for shareholders if he invests the company's retained earnings than if the shareholders did it themselves," says David Kass, a finance professor at the Robert H. Smith School of Business at the University of Maryland in College Park.