Borrowed Power: How Elite Blue-Chips Wield Debt as a Weapon—and What Happens When They Don't
Not all corporate debt is created equal. Among America's most storied blue-chip companies, the distinction between strategic leverage and reckless borrowing can mean the difference between compounding shareholder wealth for decades and becoming dangerously exposed when the economic cycle turns. Understanding how to read a balance sheet through this lens is one of the most underappreciated skills in long-term investing.