RE:RE:RE:RE:santa rally not all capex is created equal; capex to replace declines is not the same as capex to build out infrastructure; if one is not sure on the distinction, then best to use a different metric, like net income, which gives you a better measure of sustaining performance than straight cash flow v. capex year over year; short term, cash flow and maintenance capex is key to survival of a slump, but long view, you have to look at net income, ROI and ROE to get a good performance view..