On Feb 23, 2009, at 1:01 PM, SA wrote:
> Yeah, it does seem like shareholder activism has made investment
> more procyclical and thus more volatile. (As opposed to simply
> inducing a secular downshift).
Well not exactly. The investment share declined for much of the 1980s expansion, and the 2000s as well - in both cases, despite high/rising profitability.