Thanks Andrew, your reasoning reminds me of Warren Buffet.
As a CFO who is working on his own startup, my favourite quote is:
“A healthy balance sheet and low burn gives you the longevity to weather the storm as you watch your competitors run out of cash, and, if you so desire, buy their technology out of liquidation at pennies on the dollar.”
It’s a simple concept that is hardly ever stressed out. And I love GARP too!