There are plenty of stocks that don't pay dividends. Tesla, for example. And Mr. Einhorn doesn't seem to think they're accurately valued... There are tons of s

There are plenty of stocks that don't pay dividends. Tesla, for example. And Mr. Einhorn doesn't seem to think they're accurately valued... There are tons of stocks that don't pay dividends, but investors value them based on the promise of future earnings and future dividends. Snap doesn't pay dividends, but either it will someday or they'll get bought up. The cornerstone assumption behind stock valuation is self-interest in ownership - either dividends based on earnings or the promise of future earnings and dividends. Or getting bought up, which is still sort of a dividend - just a dividend for the buying company. Given that GM isn't going to get bought up any time soon, what self-interest is an investor in GM satisfying by buying shares that are guaranteed to never issue dividends? Share price increases? When does that stop? Is there an upper limit? What is it based on and how do you know we haven't hit it now? How is this not a tulip-market?