loops--
That makes sense to me only insofar as one would invest in stocks within any particular sector, of directly competing companies. Also, the sector (or product) must be a basic one, not one that is subject to significant change resulting in disruption--certain commodities like energy and minerals, and things like chemicals that produce inputs/feedstock.
But that doesn't talk about the aggregate "market". A fully diversified portfolio would, I guess, on a larger scale, mimic the competitive requirement within any particular sector--as long as it evolved, fairly rapidly, to include emerging sectors.
The thing is, though, that a company splits the ROI between dividends, and re-investment. Yes, the total ROI may logically be expected to beat the rate of inflation if good business practices are followed, but I don't see how the particular ROI either for the company or for the investor should be expected to achieve this level.