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Not paying dividends is not a way to get +3% growth. You (ideally) pay dividends when you cannot grow by using the money. Berkshire grows a lot more than +3%, and it's structural: he invests the money that other people are paying him to hold via the insurance companies. Not paying a dividend has nothing to do with the growth.

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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.

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