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<<<MUNGER: The stock option is both an expense and an illusion [I think he said "illusion"].>

I think "dilution" should be substituted for "illusion". Munger's point is that fully diluted earnings per share are only part of the equation because both the numerator and denominator need to change.>>

Thank you! I knew "illusion" sounded wrong. Dilution sounds much better. :)

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