Historically most shares did have a fundamental value. When Buffet was starting out in 1950-1960s, shareholders had stronger rights and many shares did pay div

Historically most shares did have a fundamental value. When Buffet was starting out in 1950-1960s, shareholders had stronger rights and many shares did pay dividends. The worst case scenario would be gaining a controlling share and forcing some sort of payback. Today there are many classes of shares which are disturbingly close to buying random cryptocoin. Think about buying non-voting shares of Google,Facebook,Zynga, etc. Or how about buying whatever that travesty that ADR of Alibaba is ? What are you getting when you buy Alibaba in US? What are you getting really when you buy those kind of shares? You have very little of hope of getting dividends. You have no hope of getting controlling shareholders to give up their controlling "some animals are more equal" shares. So there is very little intrinsic value in those. Thus the only value is the "castles in the air" valuation.