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"Well as far as my stockholders go I've felt we'll never pay these dividends until that company is right. Because, I felt that we must build it up and we can't borrow money to pay dividends. Just what to appease some stockholder who wants his dividend. I'm building him assets. Their stock is worth a lot more today than it was. Now that's what I feel is my obligation to them. My brother and I have been right together in that right from the get-go. And we've felt that assets is the thing that we are responsible for not appeasing some stockholder. We're not afraid of the stockholder coming in to us because we know we're doing what's right for the company." -Walt Disney
(From a 1961 Interview with Peter Martin)