I’ve been thinking of anti-fragility. The best management teams can add to their quality businesses by simply allowing for the next deal or reinvestment to be made.

Having a loaded gun ready for the zombie apocalypse may seem like suboptimal 99% of the time but it’s the only thing that will save you in times of crisis. In the good times, people will scoff at the under-leveraged and under-utilized cash piles.

Perhaps elephant hunting isn’t about finding an elephant; perhaps it’s simply having the discipline to have the ammo loaded when the elephant shows up.

I’ve butchered enough analogies for one day.