and this perhaps changes what metrics are crucial.Companies that now borrow super cheap and then use the money to buy back shares or to fund R&D and capital plant that gives them real competitive value are doing their shareholders a favor.Those that borrow to pay higher dividends and to pursue management follies will be setting their owners up for a terrible fall (no need to speak of the hapless bondholders if we shift to noticeable monetizing of debt).ATT makes an interesting test case?david fb
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