I didn't mean it in the extreme sense (and also did not say...

I didn't mean it in the extreme sense (and also did not say "never"). We are not talking about a mature business/industry. In general, the point of being a shareholder is owning part of cash-generating machine. If that cash-generating machine can invest in itself at a high IRR: it definitely makes sense to invest further in that machine (rather than taking back money). Reinvestment makes sense until the busniess runs out of very high-IRR investment opportunities.

FDV owns a few businesses that are eary in their life cycles => need CAPEX and coverig operating costs. And economic condiions are ripe for acquisition opportunities. From what I have seen recently, one cannot count on market for funding even wonderful aquistion opportunities (as people mix share price perfromance with business performance and blame the management for the former while latter is good: I can give you quite a few examples).

So I would rather "the majority" of money to stay with Shaun (for CAPEX and acquisition opportunities) Although a bit of buy-back (partial acquisition of our own assts) could be good too (given their undervaluation). It seems to me that there is plenty of time to get money back from this business.