Ann: Becoming a substantial holder, page-33

@Sector I agree with you on that but let me put it this way, if a farmer buys a cashcow he wants to make sure he can keep milking it for a long time, not that it is pre-menopause and about to dry up - especially if he has overpaid for it. Ultimately, that cow needs to produce enough milk to generate a reasonable NPV return - whether calculated by the milk it produces itself, or its offspring which will generate more milk (which I think is the appropriate analogy here to what you and marvinmindreader are saying about leveraged growth).

An an investor I want to know that cow is healthy and can keep producing milk, and have offspring as well (I am assuming milking cows can have offspring).

Cheers, Sharks.