> The money that investors take out is mostly earned from customers who paid for a product or service they thought was worth more than the price they paid. Retu

> The money that investors take out is mostly earned from customers who paid for a product or service they thought was worth more than the price they paid. Returns on stock market investments are not mostly taken from other investors' invested money. I don’t agree with these points, having seen loss making companies have sky high valuations and stock prices (see Amazon in its first decade and a half, Netflix, and some more companies that had or have a large negative P/E ratio). Companies being profitable is not a requirement for stock prices to go up. It’s been all about how much a company can grow revenues (taken as a proxy of increased market share) even if it’s losing money.