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The difference is stocks vs. flows. $100 capex only shows up in year one, but the balance sheet goes up permanently (depreciating of course). When the parent me
by hidenotslide 9y ago
The difference is stocks vs. flows. $100 capex only shows up in year one, but the balance sheet goes up permanently (depreciating of course). When the parent mentions "level of infrastructure" it refers to the balance sheet account, which is why I mentioned P/B.