Frank

So I'd love to know what spurred that.

Yeah.

And then the beauty of Apple as well is that they were making so much cash they could buy back shares a lot too.

100%.

And when you're analyzing a business, you're looking for the reinvestment opportunities because eventually they're going to need to do something with their cash that isn't just redistributing it or you won't find growth unless it's an incredible business where it's just an expansive moat that has no threats whatsoever.

And it can just kind of iterate on that model.

There always needs to be a reinvestment opportunity.

It's what builds Amazon to what it is because it was so quick to reinvest.

And Amazon is a great example for this conversation as well, where that stock was never possible to value because it was never profitable up until, I don't know, ten years ago.

Maybe it was always reinvesting in itself, but those reinvestment opportunities where the value was.

So it is an interesting take because these businesses are so hard to value.

Well, and this is a completely different conversation, but it raises the interesting point of just the sheer mathematics of large numbers.

Or Google reported last week, and I covered the earnings.

They upped their CapEx spend for just shy of $200 billion for this year, and it's going to significantly increase for next year.

And if you're looking at this, the basic economics of if they want a 10% or 20%,

ROIC on that money, those AI investments are going to have to return $220 billion, $240 billion, $250 billion, $260 billion, whatever it is in the years coming.

No, but it exposes the conversation as a whole.

And I think all these companies have just basically agreed that they're not going to get left behind and whatever they spend is going to be worth it, which is an interesting take too.

And then you look at Apple, which is doing the opposite, which is maybe either the riskiest thing anyone can do or the smartest thing anyone can do, because they're kind of making the decision of, okay, we'll just decide who's best and choose them.

And we still have that physical space.