There are many terrific analyses of the WeWork IPO filing out there. One thing I have not read is someone pointing out how there is a possibility that this all works, despite the hokum language and the eye popping capital requirements, simply because we have created $3 trillion more dollars in the US alone (with equally massive central bank money creation in Europe and in China). On my blog I have been complaining about valuations as far back as I can remember but when interest rates approach zero funny things happen and when they go negative, as they now have for $13 trillion of debt, then anything is possible. The meaning of a discounted NPV gets completely blown up in such a world and it is entirely possible that WeWork can finance itself. I am still struggling with figuring out how to be an investor among this glut of capital.
