There are multiple paths to good returns for shareholders. Shares of cosmetics retail chain Ulta Beauty (ULTA 1.50%) are down more than 30% from all-time highs. But this is not a business in decline at all. And it's quite easy to prove. Ulta Beauty had zero long-term debt as of February 2024. As investing great Peter Lynch used to say, "It's very hard to go bankrupt when you don't have any debt." To this I'll add that it's even harder to go bankrupt when a company is also profitable. And Ulta is very profit ...