Warren Buffett once said that shunning dividends in his early years running Berkshire Hathaway Inc. allowed him to refocus the company on better businesses, much as a person would overcome "a misspent youth."
The 82-year-old billionaire is now focused on his legacy as he prepares the company he’s overseen for almost five decades for new management. Using his annual letter Friday to outline a dividend strategy could help explain to shareholders how the company’s next leaders should approach the challenge of allocating profits.
