I had to re-read this few times but I think it makes sense now. So what you are saying is, that if a company goes into debt, the market will also lower its valu

I had to re-read this few times but I think it makes sense now. So what you are saying is, that if a company goes into debt, the market will also lower its valuation because it has debt, so we should not count this debt twice and that's why we need to add it up? I think we might be missing "assets" here? This is what still doesn't make sense for me: - A company just created (market cap 0) goes 100M into debt, and so has 100M cash, so it balances out to be 0. - However if that company uses those 100M cash to buy e.g. a factory, in this example what would happen? The Market Cap jumping to 100M doesn't make sense (since then the company would be "valued" at 200M), should we count the "assets" in the same way as "cash"?