Graham's essay does not describe "default alive" as being "cash flow positive." Rather, in his essay, "default alive" means that you are on a path towards bein

Graham's essay does not describe "default alive" as being "cash flow positive." Rather, in his essay, "default alive" means that you are on a path towards being cash flow positive. "Assuming their expenses remain constant and their revenue growth is what it's been over the last several months, do they make it to profitability on the money they have left?"