If you only look at the cash-flow equation, no, manned exploration
will likely never be worth it.

There's something more, an intangible factor, which makes it worth
doing.

It's like paid vacations from work.  On the balance sheet, the business
pays cash money for no productivity from that worker for that time.
An expense with no return.  However, the intangible benefits are so
great that no one would ever suggest eliminating vacations, and in fact
many people "in the know" are pushing for more time off, at least, here
in the US.

Mike H.

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