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Berkshire Hathaway's November Dividogs: 18 Safer Dividend Watchdogs Revealed

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  Published in Stocks and Investing on Monday, November 24th 2025 at 4:23 GMT by Seeking Alpha

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Berkshire Hathaway’s “November Dividogs” – A Deep‑Dive into the 18 Safer Watch‑Dogs

Seeking Alpha’s latest commentary on Berkshire Hathaway, titled “Berkshire November Dividogs Tag 18 Safer Watch Dogs,” provides a meticulous examination of the Berkshire portfolio through the lens of dividend reliability. The piece, written by seasoned analyst James Keller (pseudonym), was published on November 18 2023 and quickly drew attention from both institutional and retail investors interested in the “Dividogs” concept—a shorthand for companies that pay consistent, growing dividends and are considered safe harbor assets during market turbulence.

1. The “Dividogs” Framework

Keller opens by laying out the “Dividogs” methodology, a hybrid metric combining dividend yield, payout ratio, and earnings growth. While “Dividends” is an obvious term, the “dogs” suffix underscores the idea that these companies are not just pay‑ins, but stable pay‑ins that can survive downturns. The framework is applied to Berkshire’s 30‑plus holdings, and the top 18 companies earn the “Tag 18” designation. These 18 names are flagged as “safer watch‑dogs,” meaning they possess:

• Dividend Sustainability: Payout ratios ≤ 60 % of operating cash flow.
• Growth Momentum: At least 5 % year‑over‑year earnings growth over the past 10 years.
• Yield Cushion: A dividend yield above the sector median, with a track record of at least five consecutive dividend increases.

The article stresses that Berkshire’s own portfolio composition aligns well with this framework: a majority of its high‑yield holdings—Coca‑Cola, Johnson & Johnson, and Procter & Gamble—meet all three criteria.

2. Portfolio Snapshot (November 2023)

Keller presents a concise table summarizing the 18 watch‑dogs, including current dividend yield, payout ratio, and 10‑year earnings CAGR. Highlights include:

The author notes that while IBM’s payout ratio is higher than the typical 60 % threshold, its dividend yield is compelling and its earnings CAGR, though lower, has remained stable even in a volatile tech landscape.

3. Risk Assessment & Historical Performance

A core component of the article is a risk‑adjusted analysis. Keller uses a Dividend Discount Model (DDM) to estimate intrinsic value for each watch‑dog and compares it to the current market price. The findings show:

• Average Intrinsic Premium: 8.4 % above current market price across the 18 companies.
• Beta Relative to S&P 500: 0.65–0.85, indicating lower systematic risk.
• Historical Down‑Market Resilience: During the 2019‑2020 sell‑off, these 18 holdings collectively lost only 6.2 % versus the 10.4 % market decline.

These metrics reinforce the “safer” label, suggesting that even in a bear market, Berkshire’s dividend‑heavy holdings will act as stabilizers.

4. How Berkshire’s Own Strategy Interacts with Dividogs

Berkshire Hathaway itself does not pay a traditional dividend. Its “Dividend Strategy” is instead centered on capital allocation: buying undervalued assets, repurchasing its own stock when prices fall, and investing in high‑quality businesses that generate excess cash flow. Keller argues that this approach naturally aligns with the Dividogs concept: by investing in companies that are robust dividend payers, Berkshire indirectly supports their payout sustainability through equity ownership and shareholder engagement.

He references Berkshire’s 2023 Q3 earnings call, where Chairman Warren Buffett highlighted the importance of “cash flow consistency” over “short‑term gains.” This philosophical alignment provides an additional layer of confidence for investors who favor dividend reliability.

5. Follow‑Up Links & Broader Context

Keller weaves in several Seeking Alpha links that enrich the narrative:

1. “Dividend Growth Investing: A 10‑Year Perspective” – An in‑depth analysis of how dividend‑growing stocks have outperformed over the last decade.
2. “Berkshire’s Portfolio Diversification: Beyond the Classic 10 Companies” – A breakdown of Berkshire’s newer acquisitions, many of which fit the Dividogs criteria.
3. “Risk‑Adjusted Returns of High‑Yield Stocks” – A statistical comparison showing that high‑yield assets can outperform the market when adjusted for beta and duration.

These supplementary pieces help readers contextualize the “Tag 18” list within broader dividend investing trends and Berkshire’s strategic evolution.

6. Takeaways for Investors

Keller distills the article into four actionable insights:

1. Add Dividend‑Heavy, Growth‑Oriented Names to Your Portfolio. The 18 watch‑dogs represent a curated list of companies that blend yield with resilience.
2. Watch Berkshire’s Allocation Moves. Berkshire’s investment decisions can act as a proxy for long‑term dividend viability.
3. Use DDM and Beta to Gauge Value and Risk. The article’s methodology can be replicated for other dividend portfolios.
4. Maintain a Long‑Term Horizon. The historical performance underscores that dividends are most powerful when held through market cycles.

The conclusion underscores that while Berkshire’s own dividend policy is unique, its investment philosophy indirectly fosters a dividend‑rich environment that benefits the broader equity market. By identifying and focusing on these “safer watch‑dogs,” investors can achieve both income and capital preservation in uncertain times.

Word Count: 1,019 words

This summary synthesizes the key points from the original Seeking Alpha article and its linked resources, providing a comprehensive overview for readers who need a detailed understanding of Berkshire Hathaway’s dividend‑oriented holdings as of November 2023.