APA's Growth Plans, page-9

APA has a good story, for sure.

But what I'm trying to say is there's a lot of sizzle but no meat.

Its main moat is its ability to convince shareholders and bankers to keep forking up cash.

A quality business, one with excellent moat and competitive position, shows very different profile to APA's. Look at WalMart, or CSL, or McColl's in the UK... even BNSF - a highly capital intensive business.

Good business grows its Retained Earnings, pay its dividends, but need very little additional equity and debt. If they do raise cash and borrow more, the earnings from such new capital would show amazing growth in returns.

But yea, if shareholders and lenders likes APA enough, they'll keep giving it cash and it would do alright for stockholders... But me and Mr Ponzi would do alright too if people and bankers keeps on lending every year.