Another factor here is that companies will hire more people as a growth strategy without having any clear idea of how to deploy them. Even if they have a high level idea they may not know how to translate that high level idea to something actionable. They have a high P/E. There's cheap money. They need to somehow grow. The only way they know to grow is just to hire more people. As you say, no wonder they don't have anything to work on. Maybe the idea is that if they're working for you they're not working for the competition. I donno.