ould be invested elsewhere rather than being frittered away on value- destroying acquisitions. Standard corporate finance theory, first expounded by Franco Modigliani and Merton Miller, states that whether a firm is financed by debt or equity should make no difference to its value; the cashflow is simply parcelled

ungibility and divisibility and other moneyness qualities could be addressed. Chapter 1: Recollections 1/06/16 21 HOUSE_OVERSIGHT_010937 Nobelist Franco Modigliani heard of this, and invited me to MIT for a presentation. He talked like Gepetto in Disney’s “Pinocchio”. There were a few other top brains, including

big idea. Nature’s plan is reproduction to maturity. Now suppose for simplicity that consumption is age-independent. Nobelists Milton Friedman and Franco Modigliani, mentioned earlier for their opposite reactions to my banking idea, separately argued something like that in the 1950s for adults. My extension backw