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"why operating earnings are up only 3% in some areas in a good economy, despite access to effectively unlimited capital from head office for good opportunities."

So many reasons ... 1 after another:

a) those are not really "operating earnings". WEB incl a whole bunch of nonsense in his "operating earnings". It is another semantic screw-up by WEB. (like the 95 cents vs $1 & a dozen others I could point out) But, NO, WEB has you all trained so well to just parrot what he says that nobody points this out.

b) "in some areas in a good economy" ... the overall economy is not as good as you think & WEB's ignorance of the digital economy has him stuck in the not-so-good parts

c) WEB is ignorant of the digital economy & collects cigar-butts. Good opportunities are few & far-between in MANY of the areas of the economy where WEB has chosen to hide. Unlimited capital is at best useless when good opportunities are few & far-between.

If you'd all stop repeating this "wonderful" nonsense, a few lights would come on.
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