That needs to have been taken out of context. Probably what they insist on, is that there is this Gordon valuation model, which, long-term, should apply to any

That needs to have been taken out of context. Probably what they insist on, is that there is this Gordon valuation model, which, long-term, should apply to any company that gives a dividend, and it's based on this idea that for a company to be worth anything for a minority investor without any control of the company, it needs to have a dividend - which is the only return on investment that such investor will receive, apart from profit for selling in the future.