I agree and disagree.
I think the main issue is because of the imputation system and management greed, there is a tendency to pay out the majority of net earnings as dividends so that execs and short-sighted shareholders (like dividend investors on HC) can get their hands on franked divvies.
Labor costs can and should be high where a sector is becoming successful - the wages in U.S/Canadian tech & healthcare are very high. Life shouldn't just be about corporations generating 20% TSRs while the rest of us work on $50k wages.
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