This depends entirely on the market environment we are in as well as a few other factors. In today’s market you are 100% correct and that phenomenon SHOULD continue to become more apparent if the market is functioning appropriately.

However in a 0% rate market then buying as much growth as possible is the way to go. Look at the money made in TSLA (previous to profitability), Affirm, Zoom, etc. These firms can always borrow against or issue shares as long as growth metrics continue to look good.

In today’s market I can get 5% plus risk free - for me to take risk I will need to see an incredibly compelling opportunity. This is the issue markets face today that they haven’t in ~20 years.