These guys won't be paying a divined for the next 5+ years... CSL barely paying dividends yet.
When these firms have ROE >30% (CSL, Ramsay, etc), they can turn each dollar into $0.32 capital or they can return it to you at 5% or whatever.
More capital appreciation while ROE high so better economics to keep the cash in-house than hand it back.
You don't get involved with a start-up / growth stock for dividends!
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These guys won't be paying a divined for the next 5+ years......
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