Debt isn’t your enemy. Mismanaged debt is. If you’ve followed me for a while, you know I’m comfortable with risk when it’s smart. Leverage, used well, is how capital-intensive businesses build assets that throw off cash for decades. Utilities, pipelines, and telecoms cannot sit around waiting for cash flow to fund projects. They borrow, build, and get paid back through long-lived assets. When management allocates capital wisely, that extra cash often shows up where we like it most: dividend …
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