What are your thoughts on shareholder yields versus dividends? How do you compare those two in your mind?

So we obviously consider both.

The only difference between buybacks and dividends from sort of psychological standpoint is that while buying back stock is a, you could argue, even more efficient way to return money to shareholders, there's a price component here.

The management team or the board of directors needs to assess what the intrinsic value is of the security of the business and then ideally pay less.

If they pay more, well, that wouldn't be productive.

That would actually be eroding value, whereas a dividend is dollar for dollar coming out of the net of taxes.

And a buyback can be point in time.

Why are we not doing that?

What do you mean by a behavioral tool?

If you come to a well-selected investment, let's take ourselves, for example, we have owned MasterCard for 20 years and we made a wonderful decision.

But after the day that we made the decision, the worst possible thing to do was try and act on it.

You just had to sit through there.

You've compounded it upwards of 20% a year.

And a really good way to have withstood the vicissitudes of the price along the way would have been to look to the dividend.

MasterCard has grown its dividend in the order of 20% a year since that day.

Is that something that you've noticed also?