The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

by Gautam Baid

When we correctly treat the money spent on such frequent capex programs not as capex but as maintenance capex, we will figure out that, essentially, there are no owner earnings. And when there are no owner earnings, there is no value.