Is Cash Flow Replacing AI? I'm not sure that's the right question. As investors, we often jump between narratives. A few months ago, AI could do no wrong. Now investors are rotating into businesses with stable cash flows, strong balance sheets and predictable earnings. The market's favourite story keeps changing. What doesn't change is the price we pay. I've increasingly come to realise that I don't know what a business is worth with any precision. I don't think anyone really does. What I do know is when I am comfortable owning a business. My best investments were never made because I could accurately predict the future. They were made because I bought strong businesses when expectations were depressed and held them through periods of uncertainty. The attraction of cash-generating business