Sarah Worthington's lectures in the McPherson Lecture Series examine the role of equity in modern commercial markets. The 'fact' lecture charts equity's expansion of the range of interests that could be classed as property and traded to become new forms of personal wealth. 'Fantasy' highlights the potential pitfalls of trading in assets that are difficult to value, a highly relevant topic in today's financial climate. 'Morals' completes the trilogy, demonstrating the contributions that equity has made to modern commerce and considering what sort of proprietary interests the law should allow parties to claim.