Management is considering a number of expansion and diversification opportunities in the current budget cycle. Each option requires significant upfront investments before generating positive cash flow. Generally, which of the following strategies is likely to create wealth for the owners (shareholders) over the long run?

a. Diversifying into new industries.

b. Maintaining the same dividend year after year.

c. Using the maximum amount of debt they can obtain on each project.

d. Consistently making investments in capital projects with positive Net Present Value based on the company's cost of capital.

e. All of the above