How to Buy a Business That's Not Growing at All

I think that one of the great traps, what has historically been a great trap is paying up the growth. And so I try to get as much, I want like a bulletproof balance sheet, an impregnable balance sheet,. Like net cash on the balance sheet, ideally. eBay is a very, very solid business that throws off an enormous amount of cash. But if you look at how much they're paying out, like they're clearly liquidating. They earn like $4 billion in free cash for this year. It's still hitting heaps and heaps of mine, it's still growing. Not super fast, but that's the kind of business that I like. Another