> Yes, but also a bet on other people's demand for those things Exactly. > its asset backed Not really. Google's assets minus its liabilities are $139 billio

> Yes, but also a bet on other people's demand for those things Exactly. > its asset backed Not really. Google's assets minus its liabilities are $139 billion. The value of its stock is $724 billion. So 81% of the company's value isn't "backed" by anything -- not the company's assets, not the promise to pay dividends in the future, nothing.