A new study has found that technology companies that spend big dollars on research and development are outperformed on Wall Street by those that spend small amounts, Bloomberg Businessweek reported. Bernstein Research examined technology companies since 1977 to measure R&D spending as a percentage of the companies' sales. The researchers found that over one-, three-, five- and 10-year periods, the companies with the lowest spending on R&D tended to perform the best on Wall Street. Bloomberg Businessweek took note of this Thomas Edison quotation: "Invention is 10 percent inspiration and 90 percent a waste of everyone's time."