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Many Silicon Valley and infotech companies have emulated Buffett’s model, eschewing stock dividends, at least for a time. In the 1980s and 1990s, companies like Microsoft and Oracle offered shareholders rocketing growth and profits but did not pay dividends. Google, Facebook, Amazon and Tesla do not pay dividends.

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Commemorating Juneteenth is certainly appropriate. It marks the end of race-based chattel slavery, a massive economic system that enriched white slaveholders at the expense of Black laborers; and a system from which people across the country, not just the South, benefited.