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Three of Vanguard's tax-managed funds have not made distributions since they were created in 1994.
The company made distributions of $13.58 a share, or $812 million, last year, according to filings with the Securities and Exchange Commission, and has also been buying back stock.
When companies made distributions, they also paid advance corporation tax (known as ACT), which could be set off against the main corporation tax charge, subject to certain limits (the full amount of ACT paid could not be recovered if significantly large amounts of profits were distributed).
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Mr. Greenberg started his S-Curve label and made distribution and promotion deals with the independent companies Red and Artemis, owned by his former boss at Mercury, Danny Goldberg.
But by 2011, the company had made distribution deals with retailers like Walmart and Bed Bath & Beyond, and U.S. sales had grown by a factor of ten, to forty million.
Fifteen years ago — before Google or Wikipedia or blogging or Craigslist or podcasts or YouTube — the technology investor and pundit Esther Dyson wrote an article analyzing the business of "creative content" in a future where the Internet made distribution essentially free.
The combinatorial explosion of the search space and vagueness in performance evaluations have made distribution system planning very difficult to optimize.
The advent of Rural Free Delivery in 1896 made distribution of the catalog economical.
UNICEF has made distribution of clean water their top priority, as the water supply for hundreds of thousands of Pakistanis has been polluted.
Streaming has made distribution more granular and increased the importance of getting a straight count on the exponentially larger number of transactions on a service like Spotify compared to a record store.
Offering no guarantee, Vanguard aims to avoid reducing investments while making distributions, as a university endowment does.
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