Why ACAS is not a good prospective investment ? -

I like this constructive debate about ACAS as a good investment. Jadedconsumer posted an argument against some of my arguments posted here and as a comment on his blog.

Here is simple question I would like to ask people who think ACAS as long term investment - ACAS cash flow from operations was $2.76 in 2007 and it paid $3.72 in dividends. How can a company which had an inflow of $2.76 from its busineess activities pay more in dividends ? Well by selling portfolio investments at a profit. But cash flow from investments is well negative. So we did not get the difference in cash from investements. That means it has to come from cash flow from financing activities. And there lies the proof of money flowing from Jane-to-John. There lies the point and there lies the beauty :-)