> Investors don't like to see big CAPEX numbers but seem fine with large OPEX ones. If things go pear shaped large OPEX numbers resolve themselves as OP-eratio

> Investors don't like to see big CAPEX numbers but seem fine with large OPEX ones. If things go pear shaped large OPEX numbers resolve themselves as OP-erations get slimmed and shut down. Large CAPEX numbers, in the same situation, resolve themselves through liquidation and tears... More importantly, OPEX comes from next years profits yielding a business I can loan against. CAPEX comes from last years profits, increasing the amount of loans I need to get it together. It's the difference between thinking about short term profit margins and thinking about asset growth over time. Throwing a lot of optional cash today at a problem is better business than being forced to throw non-optional cash at a problem whenever the problem is feeling problematic. It's also quite freeing in terms of M&A.