[munificent]

There's a simpler failure mode to pay attention to that the author gets close to but doesn't notice. The original claim is "Companies should not raise capital." Any time you see a "should" claim, try adding this to the end: ", and should instead do X."

Now, when evaluating the pros and cons of the "should not" half, you have an actual relevant benchmark to compare to. It doesn't matter how awful an idea it is to raise capital in some absolute terms. What actually matters is whether it's worse than what you'd have to do instead.

Almost all decisions are about choosing one from several options, so if you find yourself making an absolute evaluation, that's a sort of "decision smell" that you should instead be doing a comparative analysis.