@Just_a_guy,
REH generates returns on the capital it employs which are higher than the sort of returns that I am able to generate investing for my own account.
Therefore, instead of giving it to me - in which case I would need to find a home for it - I'd sooner REH management took all the surplus capital that the company generates each year, and reinvested it back into the business at those super-normal returns.
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@Just_a_guy, REH generates returns on the capital it employs...
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