_"A Shared Earnings Agreement is not debt and comparisons based on interest rates are academically interesting, but misleading because"_ I address this in the

_"A Shared Earnings Agreement is not debt and comparisons based on interest rates are academically interesting, but misleading because"_ I address this in the 'Seal Typing' section of the article. _"You may as well also include the effective interest rate on every VC investment that returns 50x or 100x their investment"_ I address this in the "Cash & Carry" section of the article. Hybrids are hard to design[1], hard to evaluate, and hard to compare. That's part of my worry and a lot of the inspiration for the article. [1] https://blog.codinghorror.com/the-pontiac-aztek-and-the-perils-of-design-by-committee/ https://blog.codinghorror.com/the-pontiac-aztek-and-the-peri...