> If you buy a ton of steel with no intention of ever doing anything other than selling it for the same value as you paid for it in a while, you haven't benefited from it and have in fact cost yourself value in opportunity cost because other investments return more than that.

Your argument was buying a productive asset useful for the business. My argument is that’s a prediction which may be false, you suggesting no they are just randomly buying steel is losing your argument upfront.

> Loan principal doesn't create net assets. You get new money and new debt at the same time and they cancel.

Leverage is based on loans generating assets that can be invested. It’s clear your not actually arguing in good faith.