Paul Mills questions the conventional wisdom on debt while discussing rising debt levels and if the levels are sustainable. Mills contends that debt is given unfair advantage over equity; it is cheaper only initially, its full costs are realized over time and result in externalities. He further explains that it is for reasons such as politics and path dependence that the economy does not move away from debt towards alternative means of financing.  

All of Mr. Mills' views expressed in this interview are his own.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.