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The goal is wealth creation ... not to maximize FCF today or even next year.

I'll refrain from a further opinion on this (:-)) but....(I didn't write those other articles so looping me in with everyone else doesn't invalidate a single voice)

tech is the ONLY area where this is true. If you used share based compensation as a not expense and treated FCF as irrelevant in ANY other industry, you'd be laughed at - and indeed, that's not where value creation comes into being. Course, tech is VERY different, and incredibly enduring monopoly enterprises can be created in record time which creates amazing disruption and wealth for a select few, with virtually no checks and balances on predatory behavior.

Course, I wasn't rendering an investment opinion here on the merits of owning this or that (I've joined them!) - just an observation from reviewing lots of and lots of statements, none of which makes my opinion that of an expert...but my opinion is easily understood by a superb businessperson like yourself: the idea that you can build an enduring and successful business by treating some expenses are not expenses and throwing a boatload of cash in the hope that you can EVENTUALLY get something like real profits until you get believers is magic reserved for a VERY select few...if you can identify them, go ahead, but it is very perplexing and would be impossible as a private business perhaps.

Different rules...

just 2c
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