I'll ignore the unwarranted insult for the sake of conversation. Shares have no durable inherent value outside the expectation of profit. Without a dividend, o

I'll ignore the unwarranted insult for the sake of conversation. Shares have no durable inherent value outside the expectation of profit. Without a dividend, or some tax-efficient simile to them, the expected value of a share you don't sell is exactly zero. If all the expected value of a share comes from selling for every actor, then selling and buying that share is a zero-sum game by definition.