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His refusal to split the stock could be taken as an evidence of a prejudice against the small investor. And it is belied by the issuance of the B shares, which are in effect a 30 to 1 split of the A shares.

Gee, I thought he issued the B shares precisely out of concern for smaller shareholders.

So the shareholders end up bearing the trading expenses instead of the corporation, and gradually become ex-shareholders.

At my broker it costs $10 to get out of as many shares of Berkshire as you want. Plus, if you hold it a year you get a lower tax on the sale. Some cost.

I think Buffett and the rest of us would all be enjoying the experience a lot more if Buffett had paid out dividends over the years. Then he'd actually be challenged by the problem of how best to allocate the remainder, instead of playing King Midas.

Everyone is entitled to an opinion and I would welcome a small dividend from Berkshire at this point.

But I wonder if he has anyone around who dares disagree with him on these important matters.

The problem is that articles like this are long on opinions and short on facts. If the author had painstakingly detailed opportunities missed and explored existing capital decisions then perhaps the opinion might have meant something. However, claiming something like currency trading is a zero sum game ignores the profits that WEB made in this area.

In the end, if an author wants to criticize, at least speak from a position of authority. This author doesn't do that - which means Mauzy probably has a great career path in politics...

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