If you want companies to return less money to shareholders, then you should be able to defend an alternative choice for what they should do instead with their cash.But in times of slow economic growth, all options are problematic. That’s the premise of my On Wall Street column from the Weekend FT, and it’s a direct extension of two earlier posts discussing the idea that investment is as much a function as a cause of weak economic growth. (I think it’s both.)An excerpt:A useful prism through which to understand the issue is to consider the other options themselves in the context of the current recovery — the slowest-growing US expansion of the postwar period.First, a company might use the money for fixed investment, superficially the most pleasing option. But what if opportunities are
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If you want companies to return less money to shareholders, then you should be able to defend...