I think it is and should come down to either reinvestment of returns and growth, or dividends... both grow the economy, provide value and/or increase share value. What doesn't do that is parking capital in other countries as tax havens. I'm okay with the former two.

I do think shareholders are more than happy to see 10-20% in dividend returns annually. They're able to buy more stocks or diversify accordingly. I'm also okay with growth and reinvestment internally in a company (that tends to grow stock value). And it isn't an either/or issue.

What I don't think is reasonable is to see a given company try to get consistent growth in saturated markets they heavily control. It doesn't work, and trying to do so leads to horrible decision making in the longer term.