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Enron
Acquired
How to Get the Most Out of Your Leverage Trading?
The optimal amount of leverage is zero. Enron's fatal flaw is that they borrowed from the future until there was no future left to borrow from. If you're going to recognize across geographies, across a bunch of markets, across the next 20 years, all the upside of that as revenue today, then you apply some DCF model to that? Well, yeah, that's why they were the seventh most valuable company in the world. It took me a while to figure out like, what's going on here?
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