You're right, growing capital but not growing income... I made a poor example. (Imagining a bottom pricing scenario, while keeping a positive cashflow.) Good

You're right, growing capital but not growing income... I made a poor example. (Imagining a bottom pricing scenario, while keeping a positive cashflow.) Good point. At year 6 this logic breaks down. (Then again, no longer a 'startup' at that point.) Better hope the replacement equipment is double worth it's money. :) Should make some spreadsheets with more scenarios.