It's
obvious that if a company generates high returns on capital and
reinvests at high returns, it will do well. But this wouldn't sell
books, so there's a lot of twaddle and fuzzy concepts that have been
introduced that don't add much -- like cost of capital. It's accepted
because some of it is right, but like psychoanalysis, I don't think
it's an admirable system in its totality. - Charlie Munger
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