The common wisdom is that corporations do their job better when they continually invest in men and equipment. It good stuff. It hasn't been happening lately. "Greatest Rotation": From Capex To Dividends. is the latest from Zero Hedge on the topic.The traditonal macro accounting tool is to break up macro profit (net cash from all corporations on the listings) into its components and find out how much they invest in themselves. Zero Hedge talks about this graph, from JP Morgan. It shows more corporate profits going to dividends and less to investment. And, it has been looking worse since 1980s. Something gone bad, a clue in the great game of Whodunnit?
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