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In Warren Buffett's early partnerships, what was the treatment of dividends from the stocks owned? Were they counted as part of the profits, or were they paid out directly to the partners? I tried searching for this, but it doesn't seem to be a well known detail.

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A hedge fund will customarily keep individual company dividends for itself, and account for them as a increase in the value of the shares. It may elect to make a "fund" dividend to its partners out of the individual company dividends, but Mr. Buffett is not noted for paying dividends. Even years later, when his hedge fund had morphed into a corporation called Berkshire Hathaway, it pays no dividends to this day.

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