I was reading the finances of something called Travelzoo (TZOO) because I usually look to the start-up internet businesses as examples of a stock market gone crazy.

But as I studied to study the actual business model, I was pleasantly surprised by what I found.

Turns out, they have no debt. They have $27 million in cash in the bank. Earnings have grown at a rate of 22% annually since 2005. And best of all, and this is the kicker with internet companies of any kind, Travelzoo has funded its growth organically without having to give up large chunks of the business through equity financing that ends up diluting the pre-existing shareholder base and almost defeating the purpose of the growth.

Back in 2009, Travelzoo had 16.4 million shares outstanding. Now, it has 14.5 million. That’s an 11% share count reduction in seven years. It’s not something I consider … Read the rest of this article!