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My point was that all publicly-traded companies are. Speculation on corporate growth's geometric effects on corporate long-term profitability is what the stock market is.

Not at all.

Look at utilities and regional banks, which are usually priced based on return on assets or operating margins.

Growth oriented companies have advantages and disadvantages. Microsoft is a great example -- they have a business that's a monopoly cash cow, but they also need to hit high growth rates to prosper. They squandered a decade trying to both grow and milk the cow, and are now growing again, while breaking and eventually losing parts of the legacy business.

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