When I was in business school, I completed a senior finance project on the Walgreen Company. I poured myself into it. I produced a beautifully bound, designed, and illustrated thesis outlining how Walgreens could supercharge growth by leveraging what was, at the time, a wildly low cost of capital. The idea was straightforward and elegant: use the balance sheet and bond rating to execute a leveraged blitz of the Pacific Northwest with a flurry of new stores in strategic markets.
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