The market pays for the growth story up front. By the time a company is expanding hard, the price already assumes it works. Returns on all that new capital fade, the stock gives it back, and the quiet low growth names had no story to pay for.

A big slice of heavy investment is empire building. New plants, trophy acquisitions, fresh shares to fund them. More spending is not more value, and it often earns less than it cost. Fast is not the same as profitable.

You cannot pick the disciplined ones by feel. The loud story is always the fast grower. A rule that leans toward steady, cash generative, low growth names does it every rebalance, no story to fall for.