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Sure. If you want to take your pile of cash, and set it on fire, a non-growth company is free to do that.

That is basically what you are doing when you leave money on the table. Opportunity costs are still costs.

I think you've spent too much time focusing on tech companies. Many companies have a growth ceiling (utilities, etc) that investors are happy with as long as it pays a dividend.

During the recession, I parked a significant amount of money in a variety of organizations that operate pipelines for oil, gas, CO2 and other products. Their sole purpose in being is to shlep stuff around and pay dividends.

For about 7 years, I was collecting an effective 10% dividend while getting significant capital appreciation as well.

Likewise, as part of my diversified retirement portfolio, I have a portion in boring dividend paying stocks that generate moderate returns and don't get punished as severely during bad market conditions.

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