Can someone explain this excerpt from William Bernstein's article "The $100 Billion Oxymoron":
But don't feel too sorry for issuing corporations, they are past-masters at cranking out expensive shares when the markets are frothy (not only as initial offerings, but also as seasoned ones) and issuing debt when markets are cheap. In fact, if you've ever wondered just who is taking the opposite side of the average mutual fund investor on the wrong end of the dollar-weighted/time-weighted gap, the answer seems to be corporate CFOs.
[...] issuing debt when markets are cheap"; What does it mean for a company to "issue debt"? This makes sense when the corporation is, say, a bank, but what does this mean for "non-banking" corporations (e.g., Facebook)?
[...] who is taking the opposite side of the average mutual fund investor on the wrong end of the dollar-weighted/time-weighted gap"; Is Bernstein, here, saying that mutual fund investors who attempt to "time the market" suffer loss at the hands of corporate CFOs who create and offer/sell shares of their company's stock when the market is currently "overpricing" that stock?