I'm not saying "trust the management", I'm telling you how an investor would think about it. High spend on marketing can absolutely be justified. Additionally,

I'm not saying "trust the management", I'm telling you how an investor would think about it. High spend on marketing can absolutely be justified. Additionally, there's rarely enough public info to allow any investor to independently verify whether it's justified in a specific scenario or not. But if an investor thought that there was positive ROI on that spend, they're not going to fret too much about how large that amount is - as long as it's bringing in a positive return.