Wonderfully concise.
Reminds me of Buffett’s presentation at Sun Valley where he outlined how stocks went nowhere from the 70s to 80s, even though there was strong GDP growth in the US.
It’s a simple concept to understand but incredibly difficult in real life to see through, but stock prices will always, inevitably converge with the cash the business can generate. It’s just that there can be long, long years of detachment between value and price.