It really wasn't, but it did assume the audience was familiar with a specific bit of discourse about, well, ZIRPs. In particular that when debt is super cheap,

It really wasn't, but it did assume the audience was familiar with a specific bit of discourse about, well, ZIRPs. In particular that when debt is super cheap, companies can afford to do a lot of things that would be stupid when capital comes at a higher price. Which generally seems to have been true about a lot of SV companies.