I agree with you that the grandparent misinterpreted the theorem as the Wikipedia article includes something similar to your reply: "These results might seem i

I agree with you that the grandparent misinterpreted the theorem as the Wikipedia article includes something similar to your reply: "These results might seem irrelevant (after all, none of the conditions are met in the real world), but the theorem is still taught and studied because it tells something very important. That is, capital structure matters precisely because one or more of these assumptions is violated." [0] https://en.wikipedia.org/wiki/Modigliani–Miller_theorem https://en.wikipedia.org/wiki/Modigliani–Miller_theorem