The Importance of Free Cash Flow in the Economy

What adjustments to gap earnings should investors make when looking at businesses like sales force and Amazon in order to understand the economic Reality of these businesses. Do you think increase in book value is a proxy to intrinsic value growth depends on the company some companies don't need book value at all at other Cases. What company your industry is not in your circle of competence that you wish was Hmm that's a very good one. Um, I Don't know that there are some technology things I guess that would fall under the category and maybe like also possibly a reinsurance Yeah Did you consider? buying hundred Douglas mistake last year and if so why so I Not sure I do but we hold a lot of cash now