The proxy contest at DuPont has prompted all manner of debate. Investors see a bloated and confused company that has fallen behind more nimble competitors. Company apologists see a besieged leadership team that refuses to yield to an opportunistic and short-sighted shareholder. 

One DuPont defender worries if investors like Trian have their way, investment in US R&D will suffer. The nation risks losing ground to other countries in the race for technology leadership. That message resonates with those who already fear competition from companies in Europe, Japan, China, India, and elsewhere. 

Shareholders worry differently. We wonder how the level of R&D spending in the US becomes DuPont investors' problem. We have a more immediate need, to assure that a portfolio company delivers decent returns.