Exactly right and it is the same in Canada. I've seen it over and over. The effort goes into "value surfacing" via structuring, Corporate Finance, M&A etc. Organic - ie actual - growth, innovation etc. takes investment. Sadly, analysts see only the short term, and they drive business decisions. You'd have thought by now people would realize analysts don't know anything and are only in it quarter by quarter, but that's people for you.