What are the advantages and disadvantages of share buy backs compared to no cash payments?

Berkshire Hathaway: Dividend policy paradigm

1. What are the advantages and disadvantages of paying cash
dividends compared to no cash payments?
2. What are the advantages and disadvantages of share buy backs compared to no cash payments?
3. Which alternativew ould be best for Berkshire Hathaway shareholders?
4. Which alternative would you recommend and why?