> If Y>X then the best thing to do is liquidate the company. Only if you use a particular definition of "best thing." Consider a nonprofit. It raises funds an

> If Y>X then the best thing to do is liquidate the company. Only if you use a particular definition of "best thing." Consider a nonprofit. It raises funds and buys meals for people who are food insecure. No money is created for its investors. It has a brand that people like and feel good about. Now imagine the board of this nonprofit decides that making $0 is not their favorite thing so they halt all of their programs and sell their brand to Kraft, who uses the brand on some of their products to capitalize on the popular brand without giving any food to the poor. Kraft's stock goes up because they are selling more stuff. Is the world really more valuable now? Or an even simpler example. Consider a pharma company that sells some lifesaving medication. They charge $X for it. They do some math and determine that if they charge $10X for it, that half of their customers will no longer be able to afford the product and half will continue purchasing it to stay alive. Their revenue increases by 5X. Stacks on stacks for their investors. Is the world really more valuable now? This company has more money but only half as many people are protected from their life threatening disease.