Mr BuffettJR... your dad can keep my cash .... BUT... if you think a dollar in your pocket is worth as much as a dollar you are owed and might get... I've got a brother-in-law who wants to do business with you.There is an ocean of difference between retained earnings and RETURNED EARNINGS and you need to remember that. Warren Buffett is a manager of money... not business. For him to retain earnings is really for him to do the job you hired him to do... manage your money. For Tome Seibel, one of the grossest abusers of ESO's I ever saw, to retain my earnings... for me to trust him to "do the right thing" with me money is lunacy. free cashflow is a poor proxy for the thing that produces all value in equity... that is money returned to the shareholder. Money returned is the sole reason to own any business, be it a corner dry cleaner right up to MSFT.
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