David Rosenthal: belief

Transcript context

…It’s not, though. It’s not really trading. He generates positive cash flow off of the sale of each of those items, then reinvests that positive cash flow in buying the inventory for the next thing. It’s just this, thank God he’s had 81 years to do it. Otherwise, you could never grow to something this large financing your future growth only on the cash flows you’ve generated so far. It’s a good point. Although he is a trader for a very long time, I think that is how he would think of himself. It’s not like he’s getting the better of other folks. He’s creating value. He’s creating value for suppliers. He is creating value for buyers. He’s performing capitalism here. That’s just the definition of capitalism. You sell something, you have excess cash flows in the form of profit margin. You reinvest that in growing your business. And he just did that over and over and over again.…

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