Well Sport, the link you posted did not tell us what he said. It just said he hated it without providing any evidence.
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For an avid follower of Warren Buffett, I am surprised you are not aware of his views about EBITDA!
Munger actually went one step further and called EBITDA 'bull****' earnings!
https://www.youtube.com/watch?v=l82kIjqBtqw
So, Toddy... Buffett has never said cash is king and as with anyone who knows anything about business he understands and teaches that cash is the worst investment ever. This has been proven over time in all geographies in at least 2000 years of recorded history.
As ValueNZ has said, it is productive assets you want.
Perhaps you meant that 'making cash is king'
The next and far more serious mistake you have made is to conflate your house having gone down in value with the opportunity in OCA. Valuation has absolutely nothing to do with whether something has declined in market price or not. It is only related to the discounted net future cash flows.
Just because something has fallen in value does not mean that it is undervalued, or because it has risen that it is overvalued.
You are correct not to pile more and more money into your house because it is not undervalued. A proper analysis will tell you it's worth less than half of what you could sell it for. Either you or someone else will find that out the hard way.
Ok Toddy, time to man up and put your money where your mouth is.
You have stated that clearly there are better investments out there.
Name 3. Or even 2.
No. I'm not.
And no, they're not.
Whatever they 'miss out' on today (fictitious development margin in this market) they will pick up on the first resale (if/when the market recovers).
In the meantime they are foregoing cash in the door earlier (i.e. paying more interest) and DMF which are ultimately cash flow, ultimately impact project IRR and, ergo, ultimately affect enterprise value.