Excess Returns · Friday, July 31, 2026
Ben Hunt highlights Google's financial strain, stating the company is experiencing negative free cash flow and is resorting to raising equity and debt. He argues this is indicative of companies struggling to finance themselves through cash flow, a trend he sees as widespread.
“So you've got Google now. Google is negative free cash flow.”
“Google raising equity, borrowing and selling equity.”
“The companies are trying to finance themselves. Well, who's lending to them? It's shadow banks.”