I think we are at peak growth investing as we know it — and the pendulum will swing back to value. for decades, companies with consistent free cash flow and low debt were celebrated as disciplined, well-run businesses. but in today’s markets, that isn’t enough. cash without growth becomes a drag. the public markets aren’t rewarding those fundamentals the way they used to. today, companies with explosive top-line growth — even if cash-burning — trade at generous multiples. meanwhile, value companies are boxed in. not by performance, but by perception. they generate strong earnings, but because reinvestment opportunities are limited and dividends are tax-inefficient, much of that capital ends up in short-term instruments yielding below inflation. the market sees this and assigns a low multiple, creating a cycle of undervaluation despite operational excellence. the public markets reward companies with vision — not just those with profits, but with a sense of where to put those profits. and the truth is, many mature companies have nowhere obvious to reinvest. their core businesses are stable. their margins are strong. but capital accumulates without momentum. the question becomes: what do you do with your surplus capital that both preserves shareholder value and signals a future-forward strategy? a growing number of companies are beginning to hold crypto on their balance sheets. as a way to store value in assets that can grow. as a hedge against fiat erosion. the current treasury companies are cool but an early iteration of what is to come. the sustainable version of digital asset treasury companies — will come from companies with free cash flow and few reinvestment needs — companies that realize they can’t outperform by playing the old treasury playbook. crypto offers something the others don’t: asymmetric upside with liquidity and independence. it’s a compliment to operating discipline. you can be conservative operationally and growth oriented in your treasury mgmt. it turns profits into optionality. in a world where holding fiat earns you nothing and giving it back to shareholders costs you tax, holding digital assets will soon be the most rational move. the best ceos will also become capital allocators. it’s just a matter of time. think utility companies, cash-rich industrials, legacy tech, or telecoms with nowhere exciting to reinvest. this is how value investing makes a raging comeback.