Cash is OK

I've worked with a number of companies whose owners agonized over having too much cash on the books -- and who were sometimes urged to take on more debt, get rid of the cash, reinvest, grow-grow-grow (beyond even a very high IRR -- a way of calculating returns with cash on hand).

Well, Activision apparently has $3 billion in cash and is ready to spend to shore up its video game line. Cash doesn't look so silly any more, does it?

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