OK, but if the company held $50 in non-cash assets and $50 in cash, the same logic would hold. The "growth and recurring revenue," stuff you're talking about is

OK, but if the company held $50 in non-cash assets and $50 in cash, the same logic would hold. The "growth and recurring revenue," stuff you're talking about is just an asset pricing restriction, which requires that the $50 in non-cash assets are not affected by moving some cash off the balance sheet. This holds if the company does not face cash constraints. (Like Apple.)