How Joel Greenblatt Calculates Return Capital

When we did our own analysis of the business and stuff, like returning capital and things, we used e-bid. We didn't use e-bid down. Although, a lot of times we using e-bid plus amortization,. But for most other businesses, amortization is not nearly the same as depreciation. And for a lot of things, it doesn't matter that much. It's just a question of when you're looking generally for it. The less you know about the business, the more I would say, it's okay to use e- bid e-bit.