Cash is fastly approaching the $150bn mark which Buffett has referred in the past as "unjustifiable". If there are no major investments in the next 2 years, Berkshire will just have too much cash. Is there a way for Berkshire to return capital in a tax efficient way for investors? If it is a regular dividend, most investors would get 70 cents on the dollar. Is there a solution for this problem? obviously, besides repurchases. In the past, Buffett has been creative in deferring taxes (e.g. PG-Duracell transaction). I see it unlikely he would just pay the dividend and return 70 cents on the dollar to investors.