Spendthrift + frugal companies -- who are these?

I heard this story of a fund manager who visited XMH Holdings and was surprised by a simple thing he saw in the office. It was a clock on the wall -- he recognised it as an IKEA product which sells for S$1.80 each. (He had this clock in his own house too.)


Sometime back, I heard of a company that chartered a PRIVATE JET for its top management to fly to a (non-urgent) scheduled meeting. I think the cost was 7-figure and it was far far ahead of what it would cost to fly even 1st class on SIA. This one, I don't know its name. Anyone does?

 

Of course if you are a fund manager invested in company B, you would curse WTF! and you would pull out your investment in no time.

Just to share some views on XMH, which I initially viewed (dimly) as just another distributor. It's not -- it carries effectively no inventory risk for its core business which is marine diesel engines. It takes cash deposit from customers, places orders with Mitsubishi (the main principal) and then collects the rest of the payment BEFORE delivering the engines to the customers. And associated with this cash model, which is unusual, XMH enjoy high free cashflow. This is more than can be said of the conventional distributor of most products.