When companies have cash, the Management have no incentive to do themselves out of a job by selling up and returning money that belongs to the shareholders. As far as they are concerned it is theirs to spend how they wish.
Having worked for large private companies as a Director, they say on one hand shareholder is king and then never give it another thought whilst they are getting paid. When that stops they put their hand out and hope they can keep employed for a few more years on the shareholders wallets.
If you keep paying them and rewarding them then why would they do anything else.... they are human and we shareholders have very little leverage over them.
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