Berkshire had a float of some $360 Billion or so rounding to the closest Yankee dollar. The float had a negative carry cost as all returns are in capital gains. No yield from Omaha.
Traditionally Berkshire has not paid a dividend. The smartest investor in our time delivered outstanding long-term gains. When the torch passes the newbies as brilliant as they probably will be, will need to prove their value to investors. Nothing like a buy and hold investment with a constantly increasing dividend to entice investors to remain.
The management team is excellent and can be expected to generate above average returns well into the future.
The portfolio is well diversified into many different businesses.
George Gutowski writes from a caveat emptor perspective.