Warren Buffett alluded to dividends or share buybacks in Berkshire Hathaway’s annual letter to shareholders, reports Financial Post.

Read: Buffett’s annual letter fuels speculation on successor

But those looking for an immediate payout will have to wait, as Buffett says those would only happen in 10 or 20 years, if the company couldn’t find a good way to reinvest its profits.

The letter also said Berkshire may be fully valued, as its price to book ratio gets closer to 2x (it’s presently at 1.5x).

Read more here.

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