Warren Buffett was not a proponent of providing investors with dividends while he ran Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) for 60 years -- and that philosophy continues with new CEO Greg Abel. In the 2026 letter to shareholders, Abel wrote, "Our approach to cash dividends continues to be that Berkshire will not pay dividends so long as more than one dollar of market value for shareholders is reasonably likely to be created by each dollar of retained earnings." Basically, it means that management prefers to invest any excess earnings in the business or on new acquisitions. But Abel, like Buffett, does see the value in share repurchases. "We will buy back Berkshire shares when they trade below our estimate of intrinsic value, conservatively determined, ensuring that repurchases enhance per-share value for continuing owners," Abel wrote in the shareholder letter.
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