Thornhill responds on dividends and Buffett

Actually, CSL and COH are curious examples.....what are the franking levels of those dividends?

CSL is interesting as they are constantly buying back stock. Management seems to understand that buy-back is more tax effective for most shareholders than unfranked dividends....in the Australian context, 50% more effective outside of super :) Of course you'd need the ability to sell a little stock...but of course if one has the wherewithal to pick winners such as these, I am sure they can sell a few tranches as well.

Shrinking as they become global companies. But remember my earlier comments; imputation is the cream. Their dividend growth has been phenomenal.

Ha ha. Rather than cherry pick some specific stocks that you imply you bought in 1996, how about TSR comparison between BRK and some of the LICs you favour, which are the core of your portfolio? Sounds like a much more fair comparison :)

Yes I agree. BRK is a huge heavily diversified conglomerate which is a akin to an entire portfolio in inself.

What sensible investor would have a portfolio that only consisted of CSL and COH. Hardly great risk management and I shudder at the thought of what the SANF would be like!

So for a fair comparison at least compare BRK against the equivalent of a diversified ASX portfolio such as a large LIC like AFI / ARG.

Why pick amazon and Berkshire?
I thought I'd cherry pick.

Being a sensible investor I don't and I hope you're not assuming that's all I own.
By the way, add CCP and EVT to the list as well as MLT, BKI, etc.

I thought as Amazon, a single stock, could be pitched up alongside BRK I might do the same.

Bought COH in 1995 at the float for $2.50.
I chose the dates to coincide with the chart in the original article. I'm not implying anything.