"Accounting standards dictate that the cost of capital is a charge called depreciation,"
cost of capital is first an opportunity cost which secondarily impacts depreciation via annualization ?
"Actually, all other things being equal, operations that are set up with more capital, would tend to exhibit lower cash operating costs"
but likely to have a lower return on equity if not leveraged with a loan ?
i put a $40 call on this last january, page-35
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