On one extreme, you have Alan and Sarah’s way of creating value, which is just by cutting costs. You squeeze every bit of margin you can out of the operation. Some companies thrive at this, and some manage to malinger for decades, but most eventually fade and disappear,” Steve explains. “But when you’re in this mode, you’re often just playing financial engineering games,” Steve says, gesturing at Dick. “In order to stem our losses, we’ve had to do a couple of asset sales to generate cash. But this can be like selling the furniture to pay the mortgage bill. Eventually, you run out of things to
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