Everyone recognizes that is a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued do not affect the aggregate value of the firm.- Merton Miller
But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.
As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports.
Arbitrage proof has since been widely used throughout finance and economics.
Another is, if you take money out of your left pocket and put it in your right pocket, you are no richer.
