With every company I own there is always the question of sustainability, that a transformation in its industry will leave it behind.
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I believe pronouncements of a new era will prove to be as misplaced going forward as they have been in the past.
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As an investor in businesses, which generate enormous cash flows, my single most important issue to get right is what management will do with cash flow through reinvestment. Do they care about the owner, or do they care about themselves?
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Sadly, on Wall Street, rewards for acting with self-interest and to disadvantage public shareholders often prove to be too tempting.
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