I see this narrative around a lot and I don't quite get it. I get how you have high revenues based on deal making but isn't that offsetby expenditures if you're doing a circular seal?
Lets say we have companies A, B, C doing the circle thing. A gives B 10$ for a deal, B gives C the 10$ they got for a deal, then C makes a deal with A, giving A 10$ for the deal.
While each company is receiving 10$ on the deal, they're also spending their 10$ on the next deal. So isn't all their net profit 0?