One likely cause is that they tend to do a poor job of allocating capital among their various divisions.

I happen to have a talent for allocating capital.

The primary role of finance is to allocate capital to productive use.

Through the internal market, different parts of conglomerate allocate capital more effectively.

The central plan substituted for these by allocating capital and customers from the center.

The smart, aggressive, tireless men and women in it allocate capital.

"We're very comfortable with how management allocates capital," he said.

"I am the only person who has the ability to allocate capital."

An investor is a person who allocates capital with the expectation of a financial return.

No doubt the Government would do a horrible job of allocating capital, but that does not prove the market is doing a very good one.