Based on your first sentence, it seems that by "returns" you mean increases in stock price. Given that, I don't think there's a clear dividing line, since inves

Based on your first sentence, it seems that by "returns" you mean increases in stock price. Given that, I don't think there's a clear dividing line, since investors are always forward-looking. I could see only long-term earnings being available but that's something quite different. Shareholders are often willing to put up with that situation, as long as they believe the long-term story (and see that other investors believe it). A situation that could make short-term share price increases unlikely is if the stock is just way overvalued for its likely earnings in any reasonable timeframe, in which case shareholders will happily take profits rather than try to make the company change anything.