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"...Eventually they need to put money in the hands of investors."

I get your point, and did not mean to oversell "Option 2". But then the shareholders do get to vote on how they'd like it.

BTW, a truer example of "no dividends" is Amazon (http://www.nasdaq.com/symbol/amzn/dividend-history) - Apple does have a history of dividends (http://www.nasdaq.com/symbol/aapl/dividend-history), certainly with some regularity since 2012.

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Berkshire is the ultimate example of no dividends, but their growth justifies that. Amazon is probably a decade or more out from a distribution, they just have so much opportunity for reinvestment that it would be foolish for them to distribute dividends. I don't foresee a distribution under Bezos because he won't stop steamrolling markets until he's dead.

Once a company stops expanding at a double-digit pace, it makes sense for them to start paying dividends.

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