Is There a Difference Between Stock and Cash?

If companies are incentivized to kind of prop up their free cash flow, then yes, there are incentives to pay in stock instead of like cash. As a minority shareholder, I love the TSR. We just want trillion dollar enterprise value or market cap down from 10 years ago. But relative TSR does take into account that top executives may not be happy with what they're doing for five years. If you shoot a bunch of shares at the very little multiple, maybe a bit different than very high in this, but I totally get what you mean,. People split their with that stuff a little too much.

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