The document discusses strategies for companies to take advantage of changing stock and bond market conditions, including: 1) Issuing stocks and bonds at opportune times through "double barreled" non-simultaneous issues. 2) Refinancing bond issues at more favorable interest rates. 3) Using convertible bonds, convertible debentures, and callable stocks and bonds to hedge against market moves. 4) Protecting company value by preventing short selling through private placements.