Well now, that’s a mighty interesting question …
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220: Management Quality vs Tangible/Intangible Assets, Growth vs ROIC, Nvidia BlueField-2, Snowflake vs AWS, F-14 Birthday, and Economic Value of Aging libertyrpf.com/p/220-manageme
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I don't think I was very successful at phrasing it well -- I think it's really hard to imagine just changing that one variable without changing the rest of the business a lot... It may not even be possible and too theoretical ¯\_(ツ)_/¯
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Singleton was not dealing with PP&E. He was dealing with cheap and expensive capital. He bought back the former and issued the latter, and compounding took care of the rest.
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Yeah but the question is still valid, isn’t it? Rephrased: is top-tier capital allocation ability a bigger deal when you’re dealing with software/high-intangibles businesses?
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