Free Cash Flow Is Not Earnings Plus Growth

If a company badly invests, it's free cash flow um Then you can really have a problem Uh there. And so if the earnings is something that really can't be turned into dividends then we may have a big difference between earnings and and free cash flow. But I do want to stress I've never said like it's earnings plus growth. It is 100 percent not earningsplus growth. Most companies historically Retain at least half of their earnings to drive growth of nominal gdp So If you have a company that's growing like 6 percent a year Um or or so, in the 1900s, it was only paying a dividend of say like 3 percent Yield let's say at like 15