Online option trading – 5 million, there's a scant half-million for the common shareholders.

But suppose earnings increase 10 per cent. The total is now $2.75 million. Bondholders do no better; they will get the $2 million that represents 4 per cent. Common stockholders, however, now have $750,000, or an increase of 50 per cent! The smaller the common issue, the more impressive leverage can be.

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