The main criticism there is that the concept of return on capital is meaningless. I think that is fringe view and I don't find it compelling.
>I think that is fringe view and I don't find it compelling.
That's a vacuous non-argument and appeal to popular opinion. Not compelling as well.
Many complex systems, hard to describe on a micro level, have straightforward macro statistics. I think return on capital can be described but such statistics even if individual investments are highly variable. Capturing the return is achieved by having a highly diversified portfolio.