> if I'm an investor, then i want that the company is making me more tomorrow than today. That is a very common sentiment, but badly misguided. What you shoul

> if I'm an investor, then i want that the company is making me more tomorrow than today. That is a very common sentiment, but badly misguided. What you should want as an investor is a good return on your investment. You can't eat customer satisfaction, but you can eat profits and profits can be produced by satisfying customers. In fact, the only thing that should matter to you as a rational investor is the price of the investment relative to the profits you expect the company to make in the future. There is a price at which even a rapidly growing company will no longer produce a good return relative to alternatives, and there is a price at which a company that is profitable but not growing will produce a good return. That is what should matter, not growth per se. The reason people are attracted to growth is that growing companies are priced with a risk premium that produces outsized investments in some cases. But survivorship bias makes investing in a growing company appear more attractive than it actually is. In the long run, the market incorporates all information into the price and regresses to the mean. And growth has all kinds of unpleasant externalities too. It really should not be pursued for its own sake.