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Heck, find me a company that can be expected to reinvest capital at a rate > 18% for just the next 3
years with higher than 50% probability, and which trades at a reasonable multiple of already
invested capital (say something like a 6%-7% owner earnings yield) and I'll be happy.

I should have made it clearer that i don't disagree with you on the importance of reinvestment to making the math on ROICs work. It was just that I read your original message as more about the prospect of getting a number like 18% for a long time.
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