interconnected this world has been and how globalized it's been? Well, I hate being compared to the US military because I believe you they've never been able to complete an audit. So I mean, I don't know that they're the best comparison. So look, let's look at some of our investments in China. Outside of the political risk in China, there are industry risk in China like real estate. The real estate industry is a mess. The banking industry is a mess. So one of our largest investment series, Yum China, they have the Kentucky Fried Chicken and the Pizza Hut franchise in China. Net cash balance sheet, this time last year, it was like 25% of its balance sheet. Now it's a little bit smaller because they've just raised their dividend 50%. They're opening new stores and the population continues to become wealthier and able to afford eating out more. It's a company that basically you can look at the growth of its store base and the amount of cash it generates and the amount of cash you're (53/57)
You are viewing a single comment's thread from: