Is It the Right Time to Sell?

Blake: There is a time when valuation can become so egregious that you wear itself based on valuation. It's more important to be really sure about the quality of the business than it is to be whether it's ten or 20 % too expensive. We've had businesses that have a o'rilly, which is a retail business, that's brought its working capital negative and been able to use the the proceeds to fund repurchases. I mean, stuff that you would have never imaginedo a retailer with negative working capital house at even possible,. And so it's really painful to look back with remorse at adec, to sell what you knew was an outstanding business.

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