Everyone recognizes that's a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don't affect the aggregate value of the firm. (Merton Miller)

Everyone recognizes that's a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don't affect the aggregate value of the firm.

Merton Miller

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According to my principles, every master has his true and certain value. Praise and criticism cannot change any of that. Only the work itself praises and criticizes the master, and therefore I leave to everyone his own value.

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I leave you with a complaint. Now, the country is in a terrible state, and you've blamed it on a number of things: Unemployment rate, the value of the pound and all that... well, it's because the national anthem is boring.

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