Sometimes -- it depends on the investor. Other investors want non-paying stocks today because they will presumably start paying dividends someday. And in a perf

Sometimes -- it depends on the investor. Other investors want non-paying stocks today because they will presumably start paying dividends someday. And in a perfectly rational world, the only reason the first kind of investor would have for believing they could sell at a profit would be because they anticipate the second kind of investor's beliefs.