WEEKLY THOUGHTS

Here is something that caught our eye this week: Growth Capex As we approach our year-end budgeting and strategic planning sessions, a key question is how much we should plan to spend on capital expenditures. The prudent long-term oriented business owner must first budget for spending to sustain run-rate operations or risk facing ever-increasing catch-up maintenance expenses at some point in the future. In addition to responsible maintenance capex budgeting, one must think about allocating funds toward whatever strategic growth plans have been formulated (in econ textbook jargon, the amount of investment in excess of depreciation). While we have generally