In theory, stocks can produce dividends. If a stock does not currently yield dividends, presumably the company is reinvesting that money so that the stock might

In theory, stocks can produce dividends. If a stock does not currently yield dividends, presumably the company is reinvesting that money so that the stock might yield higher dividends in the future. So stocks are a productive asset, at least in theory. Of course, in reality, speculative investment does contribute to the value of the stock, but at least it's notionally backed by something.