Shorting growth? - Equity risk premia + inflation + refinancing risk

Just a quick quote from my favourite shorting book (The art of short selling) and a couple of reflexions:
“The bigger point on cash appetite in a growth company is a concept called sustainable growth rate. It is an easy thing to remember and a killer ratio to track.

Sustainable growth rate says that a company can grow at the rate of return on equity times the retention rate without going to the capital markets.”

Remember this equation forever:
If growth rate > ROE*Retention Rate = the company will need cash in the future because the company is burning cash as growth is not sustainable.

This is what happened during the April / May liquidity crisis, growth supported disappeared ~ first was High Yield, then Equity.

Another thing to remember is equity risk premia is related to rates, if rates continue increasing, as they will do, equity risk premia will increase -> WACC -> refinancing risk = decrease.