Opportunity is a pecking order
https://twitter.com/JDBtracker/status/1540861647492829184?s=20&t=4_vrrArJHM69Bur6aXmOxQ
read more https://en.wikipedia.org/wiki/Pecking_order_theory?wprov=sfla1
assymetry of information increases the cost of capital
when company has great prospects the order for raising funds is generally
- internal funds
- debt
- equity
assets are intangible.
pecking order is a good approximation of reality