But when you pay a dividend, you lose a small % in tax, or the delay between receiving the dividend and reinvesting it. That % loss adds over time and makes div

But when you pay a dividend, you lose a small % in tax, or the delay between receiving the dividend and reinvesting it. That % loss adds over time and makes dividend structures less efficient than direct reinvestment. You are correct when the business cannot grow using the money, but BRK is an capital investment company, so I don't think that's an issue for them.