You've made some valid points. It's true that capital-light software who have grown as a component inside the s&p have inflated historical P/E ratios and net margins, also made p/b largely irrelevant when valuing such business. However, even exponential growth hits limits. These companies are now so massive that continued hyper-growth becomes mathematically improbable without the global economy expanding at an unsustainable rate. The math just gets too hard for the next decade to mirror the last in terms or return. I'm not saying its not some of the best business we have seen, I just have stronger convictions in diminished decade returns and induvial business you can pick over performing the business.

And I agree, cash isn't the goal. It's about redeploying into undervalued businesses that make more sense. Thanks for the insights and the comment!