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What are the advantages and disadvantages of share buy backs compared to no cash payments?

Berkshire Hathaway

1. What are the advantages and disadvantages of paying cash
dividends compared to no cash payments?
2. What are the advantages and disadvantages of share buy backs
compared to no cash payments?
3. Which alternative (cash dividend, buybacks, no dividends or other
policies) would be best for Berkshire Hathaway shareholders?
4. Which alternative would you recommend and why?

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