The Importance of Time Perspective

At some point, I think that there's a manual thing. So we know that if you took Silicon Valley bank a few weeks ago and you liquidated it that day, everything has to go to cash. And so somewhere in that universe or in that kind of like range, you stop being a value investor in my book. There were people when Warren Buffett realized that holding a Geiger counter over net nets and move to valuing the intangible assets is not true value investing. You don't understand. Mobissians, Marblesons analysis of lifetime value of a customer is perfectly valid. The assumptions we're making about this business are perfectly valid.