I love Heinemeier Hansson’s writing these days, but he’s off kilter here. Here he questions why someone would say “rising costs of capital” instead of “higher interest rates”. “Higher interest rates” are not the same as higher costs of capital. Costs of capital includes debt and equity financing. Interest rates have an impact, yes, but that’s not the whole story. I’d rather someone use bigger words with more fitting nuance than dumbed down language that can be misleading.