Great! Yes. That is what I meant when I said, "Puppet sort of answered it but not really..."
Specifically, the point you make:
A 100% reinvestement strategy will not pay out a satoshi in dividends ever but will also not be able to increase the hashrate at the same pace as the network; the mining revenue as % of investment is simply lower than the difficulty growth, so your share of the network and therefore, share value will simply slide over a long time until approaches zero and thus you end up with ~0% ROI. Its like buying a unprofitable miner and using all your revenue to buy more unprofitable miners.
THIS is where you lose me. In short, I don't believe this and would like to hear the case for it.
If a reinvestment strat was expected to ~0% ROI why would any rational actor ever do it?
Are all miners irrational or are your numbers off?
What do you do with ASIC and the historic cases which refute this claim?