MM theory -The classic view of the irrelevance of the source of equity finANCE

Kaplan text-pg 173 there is a paragraph on The classic view of the irrelevance of the source of equity finance

1.Since ultimately it represents a sacrifice of consumption (or other
investment opportunities) by the investor at identical risk levels, it
makes no difference whether dividends are paid to the investor, or
equity is raised as new issues, or profits are simply retained.

I dint understand the phrase “Since ultimately it represents a sacrifice of consumption”. Whose sacrifice are they talking about. If its the investor how does the source of finance represnt a “sacrifice of consumption”