Our capital is underutilized now, but that will happen periodically. It’s a painful condition to be in — but not as painful as doing something stupid… - Warren Buffett

if we aren't happy owning a piece of that business with the Exchange closed, we're not happy owning it with the Exchange open.

It's not like I am reciting... the names of a bunch of lottery winners. ...I knew what they had been taught and ...had some personal knowledge of their intellect, character and temperament. ...[T]his group has assumed far less risk than average; note their record in years when the general market is weak. While they differ greatly in style, these investors are, mentally, always buying the business, not buying the stock. ...[A]ll exploit the difference between the market price of a business and its intrinsic value.

If options aren't a form of compensation, what are they? If compensation isn't an expense, what is it? And, if expenses shouldn't go into the calculation of earnings, where in the world should they go?