In the absence of taxes, MM argues that:

the cost of equity decreases as the debt-equity ratio increases.

the value of a levered firm exceeds the value of the unlevered firm.

no one capital structure for a firm is superior to any other capital structure for that firm.

homemade leverage is insufficient to offset a firm's use of leverage.

the cost of equity for a levered firm is equal to the firm's unlevered WACC.