Part of the reason why companies aren't simple functions of cash in -> results out is because the ability to produce results is 100% dependent on hiring the rig

Part of the reason why companies aren't simple functions of cash in -> results out is because the ability to produce results is 100% dependent on hiring the right people (who may not even exist for your problem domain). Cash only helps in so much as possibly being enough money to hire those people, but it says nothing about whether management will effectively exploit the human resources it hires, i.e. whether management will shut up and get out of the way or whether the "right people" will be hobbled by infighting, corporate politics, and "policy". Until investors can come up with a way of measuring those confounding human factors, just plowing money into companies and praying for a miracle will continue to be a debased and ineffective investment strategy.