> So putting it all together, I'd say the pressure from the financial
> side to limit investment was felt most dramatically in the 1980s and
> early 2000s. In the boom of the 1990s, everyone got carried away and
> had a lot more fun.
Yeah, it does seem like shareholder activism has made investment more procyclical and thus more volatile. (As opposed to simply inducing a secular downshift).
SA