ROE - Return On Equity Vs. Return On Effort

[Bryan Hancock]

How much of an average flipper's or developer's ROE is really return on EFFORT for the E component? I consistently see returns cited for ROE, cash on cash, ROI, etc. and it is seldom true that anyone calculates their time in these scenarios.

What is your sense for how much of this supposed ROE is really a return on equity and how much is a return on effort?