When companies cease to have productive things to do with money, it’s time to return it to shareholders who can invest it elsewhere. In principle this is the na

When companies cease to have productive things to do with money, it’s time to return it to shareholders who can invest it elsewhere. In principle this is the natural way of the word. This is complicated by tax laws which allow companies to write off debt. This helps create lower risk debt capital but increases the risk of the remaining equity. Not the end of the world. Just invest in both. I’m somewhat concerned by companies borrowing too much and dying, but creative destruction helps new entrants.