Why I passed on CTD., page-80

Using the companies equity when it is over priced to buy other under-priced business makes complete sense to me. CTD has done this through the years instead of of through debt. I would much rather they do this then what other companies did during the GFC (the banks, RIO, WES) and that is raise capital through share issues at bottom dollar prices. These same companies then bought back these same shares at multiples of the prices they sold them at (buying high and selling low).
Warren Buffet himself has done this with the prized equity of his company Berkshire. If debt is expensive and Berkshire is over priced this made perfect sense.