Observation
Leverage always works until it doesn't.
When Larry Ellison borrows against his personal fortune to back a $111 billion merger, he's not just financing a deal—he's betting his net worth on the assumption that nothing will go wrong. The moment lawsuits, market pressure, or regulatory friction appear, that assumption evaporates. What looked like visionary confidence becomes a ticking clock. The real story isn't the deal itself. It's that our biggest bets are increasingly funded by borrowed capacity, and borrowed capacity has no patience for complexity.