What Option Best Summarises Myron Gordon's Resolution of Uncertainty Argument

Multiple Choice

What option best summarises Myron Gordon's resolution of uncertainty argument?

A) Investors perceive that a company, by spending all of its current cash flow, is replacing an uncertain dividend flow to shareholders now with a more certain flow in the future.
B) Investors perceive that a company, by retaining and reinvesting a part of its current cash flow, is replacing a certain dividend flow to shareholders now with an uncertain more distant flow in the future.
C) Investors perceive that a company, by retaining and reinvesting a part of its current cash flow, is replacing an uncertain dividend flow to shareholders now with a more certain flow in the future.
D) Investors perceive that a company, by spending all of its current cash flow, is replacing a certain dividend flow to shareholders now with an uncertain more distant flow in the future.