Quantitaive analysis $($Excel requirement$)$: I would suggest to do at least two analyses: a$.$ Replicate the example provided in page $4($Secnario A vs B$)$ using formulae

Buffet's other argument against paying dividends considered the needs of individual shareholders. When a

company paid a dividend, it decided the amount that each shareholder would receive. Thus, dividend

payments permitted the company to decide the shareholder's income. For example, if a company decided

to pay out $40$ per cent of the earnings, any shareholder who wanted income amounting to $50$ per cent or $60$

per cent would be dismayed. The sell$-$off option, however, allowed shareholders to sell their shares in

accordance with their income requirement. ${?}^{35}$

To reassert the philosophy of sell off as a substitute for dividend, Buffett revealed that from $2005$ until

$2012,$ he had annually divested $4\mathrm{.}25$ per cent of his shares. Thus, his original holdings of $712,497,000B-$

equivalent shares were decreased to $528,525,623$ shares $-$ a loss of almost $26$ per cent. However, even

though the percentage of Buffet's ownership had decreased, the book value of his holdings had increased

significantly from $$28\mathrm{.}2$ billion for $2005$ to $$40\mathrm{.}2$ billion for $2012-$a gain of over $140$ per cent. ${?}^{36}$