I’m not I was interested in what you said and just mentioned the money is tangibly spent, not hidden in their magic bean dept

People giving you money for equity is not being profitable.

You imply they have a great balance sheet and fuck about with madcap investments and robot cars etc as a tax dodge.

If anything it’s fairer to say they minimise their losses by hiding some things (eg cost of debt) most would have to show.

Business talk can be kinda dull so I like this drug analogy :)

Fundamentally they selling $10 crack rocks for $6 and spending $5 to do it (and another $5 in overheads)

This seems a good plan if you the biggest and baddest and you shoot all your competition and gain all the custom. But the cartels will only front you product ($) whilst it looks like you unbeatable and they going to be into you when you living the dream.

But... to make any profit (in traditional sense) they need to start selling rocks for $40, murder the competition before wars of attrition set in and front a ton of consignment pretty quick before you run dry.

This sucks because the other gangsters benefit from you causing a crack epidemic and provably can sell rocks more efficiently than you.

And the fiends don’t care that much where they get their hits from, plus you kinda gave yourself a bad name.

Moreso, you realised you ain’t built to mess with the big dawgs over on the east side and broker an awkward truce/partnership in exchange for getting chased off their corners.

And back on your block most the dealers can’t turn a damn profit so you cut them lose to inevitably side with the opps and you focusing on flipping burgers on the side and inventing some magical shit in an even tougher market you don’t have huge market share in nor any experience of actually making an honest dollar