"To hold cash you must have a conviction that prices of something that you’d otherwise own will go down. People always want investments to go up like a line. That’s just not reality. You make 80% of your money in 20% of the time and you have to be patient.”google.com/amp/s/25iq.com…
"technology is an inherently risky business and needs a strong balance sheet to survive. Risk in capital structure should vary inversely with business risk." "Debt isn’t good. Debt isn’t bad. For some companies, close to zero debt is too much leverage." google.com/amp/s/25iq.com…
"It all comes down to interest rates. As an investor, all you’re doing is putting up a lump-sump payment for a future cash flow... He or she who lives by the crystal ball [in trying to forecast interest rates] will eat shattered glass.” google.com/amp/s/25iq.com…
