A lot of technology companies either have a higher price tor earnings, or maybe even negative free cash flow. We want to invest when we believe that the company has enough internally generated cash flow to fund a minimum amount of growth. So it doesn't mean that when a stock is overvalued, the company shouldn't take advantage of those prices and raise some capital. And mets great when stocks are really expensive, and it's easy for companies to sell a stock to raise money to grow. But i think it all goes back to anything you and if you're going to make a long term investment, you kind of need to have a framework for thinking about what is this business doing to build its

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