WarrenThe best business is one that gives you more and more money every year without putting up anything to get it or very little. And we've got some businesses like that. The second best business is a business that also gives you more and more money. It takes more money, but the rate at which you invest, reinvest the money to get that growth is a very satisfactory rate. The worst business of all is the one that grows a lot and where you're forced, in effect, forced to grow to stay in the game at all and where you're reinvesting the capital at a very low rate of return. And sometimes people are in those businesses without knowing about it. And that means if somebody is reinvesting all their cash full the next five years, they better have some very big figures coming in down the road, because it's someday a financial asset has to give you back cash to justify you laying out cash for it now. Investing is the art, essentially, of laying out cash now to get a whole lot more cash later on and something at some point better deliver cash. Ben Graham in his class, we used to talk about what he called the Frozen Corporation. And the Frozen Corporation was the company whose charter prohibited it from ever paying anything to its owners or ever being liquidated or ever being sold. Sort of like a Hollywood producer. Yeah. And the question was what was such an enterprise worth? Well, that's sort of a theoretical question. it forced you to think about the realities of what business is all about. And business is all about putting out money today to get back more money later on. Charlie?
CharlieI do think there is an interesting problem that you raised because I think there is a class of businesses where the eventual cashback part of the equation tends to be an illusion. I think there are businesses where you just keep pouring it in and pouring it in. And then all of a sudden it doesn't work. and no cash comes back.