What Are Your Recommendations About EBITDA?

In respect to EBITDA, depreciation is an expense. It's the worst kind of expense. We love to talk about float. Float is where we get the money first and we have the expense later. Repreciation is where you spend themoney first and then record the expense later; it's reverse float. To buy a business that has no depreciation because it has essentially no investment in fixed assets,. It makes X, and it is to buy a company where there's a lot of depreciation in getting to X.