Think of the firm as a gigantic tub of whole milk. The farmer can sell the whole milk as it is. Or he can separate out the cream, and sell it at a considerably higher price than the whole milk would bring. (Selling cream is the analog of a firm selling debt securities, which pay a contractual return.) But, of course, what the farmer would have left would be skim milk, with low butter-fat content, and that would sell for much less than whole milk. (Skim milk corresponds to the levered equity.) The Modigliani-Miller proposition says that if there were no cost of separation (and, of course, no government dairy support program), the cream plus the skim milk would bring the same price as the whole milk.
Merton MillerRelated topics
content cost course cream dairy debt equity farmer government left less low milk pay return sell selling support analog higher contractualRelated quotes
The professional administrators - especially those at higher levels - serve key roles at the boundary of the organization, between the professionals inside and interested parties - governments, client associations, and so on - on the outside. On the one hand, the administrators are expected to protect the professionals' autonomy, to "buffer" them from external pressures. On the other hand, the administrators are expected to woo these outsiders to support the organization, both morally and financially. Thus, the external roles of the manager-maintaining liaison contacts, acting as figurehead and spokesman in a public relations capacity, negotiating with outside agencies-emerge as primary ones in professional administration.
Henry Mintzberg
Do everything simply and meekly. Do nothing with an ulterior motive. Don't say, I'll do this in order to have that result, but do it naturally, without taking cognizance of it. That is, pray simply and don't think about what God will bestow on your soul. Don't make any calculations. You know, of course, what God bestows when you enter into communion with Him, but it is as if you don't know. Don't discuss the matter even with yourself. So when you repeat the prayer, "Lord Jesus Christ, have mercy on me”, say it simply and ingenuously and think of nothing other than the prayer. These are very delicate matters and the intervention of the grace of God is required.
Porphyrios of Kafsokalyvia
I had translated the first twelve books of the Odyssey. For a while I learnt English also, merely so as to gain an accurate knowledge of Shakespeare; and I made a metrical translation of Romeo's monologue. Though I soon left English on one side, yet Shakespeare remained my exemplar, and I projected a great tragedy which was almost nothing but a medley of Hamlet and King Lear. The plan was gigantic in the extreme; two- and-forty human beings died in the course of this piece, and I saw myself compelled, in its working-out, to call the greater number back as ghosts, since otherwise I should have been short of characters for my last Acts. This play occupied my leisure for two whole years.
Richard Wagner
The White Man is tremendously creative. He is the greatest builder the world has ever known. He is the builder of the world civilizations and world empires. Unfettered and unhampered, what the White Race can accomplish collectively when properly organized is truly phenomenal and earthshaking. It is the goal of the CHURCH OF THE CREATOR to develop and bring about this tremendous potential. Bringing out this prodigious potential is what we mean by the resurrection and redemption of the White Race. Our supreme goal is advancing the best interests of the White Race. No cost is too high, no struggle too hard. We gladly intend to pay the price to accomplish this noble goal, whatever the price.
Ben Klassen
I too was filled with a sort of shyness and fear, as I was called to leave 'the world of will and idea' in which I had lived and created, and in whose reality I had believed. But the happy liberating touch of non-objectivity drew me out into the 'desert' where only feeling is real.. ..and so feeling became the content of my life. It was no 'empty square' I had exhibited but the feeling of non-objectivity. I perceived that the 'thing' and the 'idea' were taken to be equivalents of feeling, and understood the lie of the world of will and idea. Is the milk bottle the symbol of milk? Suprematism is the rediscovery of that pure art which in the course of time, and by an accretion of 'things', had been lost to sight.
Kazimir Malevich