OFLX
Omega Flex, Inc.
stock NASDAQ

The answer to this question is that there are spin-offs here and there. For example, it spun off OFLX in 2005 (still a publicly traded company). That ended up being better than any dividend for investors.
At any rate, if you're interested I urge you to read his shareholder letters, particularly between 2015 and 2018, where he lays all this out.
There is plenty of liquidity if you're buying and holding for a long time, which is what most value investors do.
If you can find any governance abuses let me know, but Reed is pretty open about his ideas and I don't think you're going to find a lot of red flags.
The only thing that you could reasonably complain about IMO is the commodities portfolio. That's fair. And yet it has performed so well over time.

The answer to this question is that there are spin-offs here and there. For example, it spun off OFLX in 2005 (still a publicly traded company). That ended up being better than any dividend for investors.
At any rate, if you're interested I urge you to read his shareholder letters, particularly between 2015 and 2018, where he lays all this out.
There is plenty of liquidity if you're buying and holding for a long time, which is what most value investors do.
If you can find any governance abuses let me know, but Reed is pretty open about his ideas and I don't think you're going to find a lot of red flags.
The only thing that you could reasonably complain about IMO is the commodities portfolio. That's fair. And yet it has performed so well over time.