Capital is always available; just not always at the right price. You’ll find that the more you need it, the less affordable you’ll find it to be.

There’s a tipping point, where it simply doesn’t make sense to borrow money; where credit becomes a destroyer, not an enabler. If the yield on the assets you’re borrowing money to finance (net of the costs you have to incur to earn that yield) is less than the cost of borrowings, it simply won’t work, from day one...

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