In all seriousness, He can do it with cap structure alone provided he has at least $40-50M in gross revs total. This sounds like a lot (and it is) but it is very doable with just a few strategic acquisitions and 7-9 times multiplier depending on industry (combined with the right cap structure). I have seen very small companies with only one revenue stream pull off similar feats. Not particularly common but not impossible. A few years ago I was involved in an acquisition of a small private company. they sold nutritional supplements from their home and retailed exclusively on Amazon. They had almost $4M in sales (after only 22 months from start-up). Their growth chart and projections were through the roof. This couple with the help of 2 employees that helped with labeling, web site, customer service and shipping; sold their company for just under $20M.
I still cant believe it to this day. They didnt even have an office! The last letter hinted at subsidiaries which in my mind is telegraphing their intentions to buy multiple companies. It was hinted at before in last years letter as well.We will see
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