> The whole argument of using debt to build a business smells funny. I think this conflates generally running at a loss with debt, but there is also positive

> The whole argument of using debt to build a business smells funny. I think this conflates generally running at a loss with debt, but there is also positive investment. E.g. Many property developers run on ever increasing debt as they grow, and many of these business do really well. They are using debt to create something of value, sell it and then replay debt. But if a company is using debt (or equity) to keep growing with overly hopeful future profitability plans, then yeah this is not good. Both use debt, one is totally normal and common. The other 'smells funny', so I feel it more about the value creation the debt is used for to build the business than the actual debt.