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Despite claims to the contrary, I don't believe BRK could accurately measure the cost of splitting the stock, although in their case they could certainly account for that cost as an extra-ordinary item, assuming it was material.

As for when I learned to question the foremost capital allocator of our time, I certainly didn't need Fisher's assistance; that questioning came long before Fisher' book and was not influenced by it. And do note that I am not questioning Buffett's abiities in capital allocation, as I said earlier. I am merely questioning whether he is doing the best thing for his shareholders in the areas of stock price and dividends. (BTW, Fisher has a real affection for Buffett, as we all do, I think.)

And I mis-understood your point about Mauzy--I was only focused on working some numbers to come up with an approximation of how much BRK really ought to retain in the business. I missed the FX argument.

And I guess I mis-understood your comment on the B shares because if Buffett truly cared about the little guy he would have saved time and money by simply splitting the A shares and avoiding the cost and complexities of the two-class share structure he now has. That is an irony I do see.

So we do agree on dividends--and Barrons! And probably more other things than we realize.


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