If I have a control loop with positive feedback, the closed loop transfer function expression is: $$\frac{Y(s)}{X(s)} = \frac{P(s)}{1-P(s)H(s)} $$ where \$P(s)\$ is the direct loop transfer function and \$H(s)\$ is the feedback one. I know that in this scenario the stability (or instability) of the closed loop depends entirely on the zeros of $$ 1 - P(s)H(s) $$ But what if both \$P\$ and \$H\$ are constants greater than \$1\$? In that scenario my intuition tells me that the system should be unstable given that every input would appear at the output scaled by a factor, then multiplied again to be added with the input to be scaled again and so on. So the output would go to infinity. But if I follow the closed loop transfer function the output has a fixed negative value for a positive input given by: $$ y(t) = \frac{p}{1-ph} x(t) $$ How is this possible? I simulated it with Simulink and it is consistent with the closed loop transfer, but I can't understand how I can get a negative output multiplying and adding positive things in a loop.
What am I missing here?