> A counterpoint would be that what some call the intrinsic value is the expected future share price based on expected future revenues. Sure, but plenty of tec

> A counterpoint would be that what some call the intrinsic value is the expected future share price based on expected future revenues. Sure, but plenty of tech companies have never paid dividends and never will. FB's shareholders would have legal claim to a portion of: a) a buyout (but nobody could afford to take FB private), b) a liquidation (so, you're buying in in case FB goes bankrupt), or c) future dividends (but FB's boy-king privileged stockholder doesn't want to pay dividends)... Which I think was Ben's point.