EVA and Buffett/Munger

[Evan]

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any incremental firm values accrues to the equity holders and not the debt holders

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You can increase the value of your debt without increasing the value of your equity (or at least increasing it less). Without spending a ton of time coming up with examples, I think it would be pretty easy to envision a senario where optimal capital structure for maximing equity value is different than optimal capital structure for maximizing firm value.