Comment by throw0101c

One needs to ask which "shareholder" are we talking about? The pension fund that wants steady cash flow for decades? The retirement-saver, who wants to grow a big bucket for retirement? The already-retired, who wants less growth and more wealth preservation? The hedge fund who wants a couple of quarters good numbers to raise their take of the 2-and-20? The options or day trader?

"Investor heterogeneity" is a thing.

There is no Platonic "shareholder" with one set of needs.