Gann, I think you have it around the wrong way. A company who can continue to earn high ROE without having to reinvest its cash, and so can pay it out instead, is the company that most rewards shareholders.
Some companies can only mantain their earnings by continually reinvesting their earnings - not so good. Some companies can pay out all their cash to shareholders and still maintain their earnings - much preferred.
Your argument/s are perverse.
ZFX
zinifex limited
