“in the absence of a tight coupling between profit and payouts (either buybacks or dividends) the value of a stock becomes detached from the value of the compan

“in the absence of a tight coupling between profit and payouts (either buybacks or dividends) the value of a stock becomes detached from the value of the company, and approaches pure opinion.” I think I can agree with that. Whenever I hear someone say that a stock is overvalued because it’s market cap is 15 or 20 times sales, I always ask so what? Who says 15 to 20 is too high. Why not 100 or some arbitrary number? I mean, the stock has no dividend and they never have done buybacks and you aren’t going to get a piece of their sales in the form of a paycheck! Why should you care what multiple the market cap is over sales??!! It’s all opinion. You are just valuing it based on what other analysts think is the “right” multiple. Sometimes I wish the stock market worked like a blind bidding auction. You can’t see the current price nor the other bids. And nobody is allowed to publish any articles expressing their opinions on any stock.