1. What type of dividend policy did Berkshire Hathaway adopt? Has the company appropriately followed the policy?

2. Is Buffet's reasoning for preferring share repurchase valid?

3. Is a "homemade dividend" (selling a small portion of shares) a viable alternative to cash dividends for the investor?

4. What factors should Berkshire Hathaway consider when deciding whether to pay a dividend? How will those factors affect the company's decision?