The Cost of Debt Is Next to Zero

The biggest companies in the world have no meaningful amounts of debt. Most are cash rich to the point where their debt is very, very small as a percentage of their cash holdings. So you you have businesses which have very little debt becoming the biggest thing when the cost of debt is next to zero. What's happening really? It's because ar low intestrates fual productivity. And when you have productivity benefits, the companies that earn the most money out of art are companies with high operating leverages who therefore don't need debt. Wipe away their debt overtime. But effectively, you're reaching a point where debt is not going to make things more attractive but essentially is going to make risk