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How to Find a Good Capital Allocator
Amazon is a great capital allocator, but you know, he doesn't have the same skills as someone who manages a much smaller company. He can organically grow it and he can maintain a high ROE because he's returning capital and keeping that equity balance low. The only other way for him to deploy that without returning all that capital would be to go out and chase a bunch of acquisitions. That's not how business works. They own a huge chunk of the company. Yep.