> One fear that investors have with companies holding excess cash is that future management teams will waste the cash on frivolous M&A and other questionable in

> One fear that investors have with companies holding excess cash is that future management teams will waste the cash on frivolous M&A and other questionable investments. This results in the value of the cash being discounted, leading to a lower stock valuation. Great example of why I maintain that price != value. The former is an objective metric while the latter is probably subjective to a problem, context, application, etc..