Applying the theory to Berkshire stock here -----

0 dividend yield  +  0 dividend growth  =  speculative return?   

If no company ever paid out cash dividends,  how will investors judge a firms value?

Current net worth,   profit prospects,    and managements ability to enhance both.

  Theories aside I bought Coca Cola stock back in 1994 both for it's current yield,  dividend growth and price appreciation.   Cheers :)