Warren Buffett and his arithmetic: Why one might be better without dividend

Warren Buffett collects dividends happily from the shares he owns and pays out nothing himself, and plenty of his own friends find that hard to swallow. So he set out to settle it with numbers instead of opinions.He builds a small company on paper. Two owners, a fixed rate of return, a fixed price at which outsiders will buy in. Then he runs it for 10 years two different ways, one paying a dividend and one paying nothing at all, and shows you