A Dollar Is a Dollar Is a Dollar. Except in Our Minds.
Jan. 10, 2021 6:56 pm ET Do you care if a clerk at the drugstore gives you change in one $10 bill or two $5 bills? Are you more reluctant to spend hard-earned dollars than windfall dollars? Do you distinguish the “income” dollars paid as dividends on your stock from the “capital” dollars of the value of stock itself? Rational investors answer “no” to each of the three questions. After all, money is money, and rational investors can easily distinguish between the substance of money and its form. Hard-earned dollars and capital dollars are no greener than windfall dollars...