Another excerpt: "Excessive amounts of capital lead to a lower average fitness because fitness, from a business standpoint, has to be cash-flow profitability or

Another excerpt: "Excessive amounts of capital lead to a lower average fitness because fitness, from a business standpoint, has to be cash-flow profitability or the ability to generate cash flow. That's the essence of equity value. And so I think we get further and further away from that in the headiest of times."