Stock reflects future money flows today. If you can sell stock, or leverage it for loans, then you get access to future profits as soon as there is a reasonabl

Stock reflects future money flows today. If you can sell stock, or leverage it for loans, then you get access to future profits as soon as there is a reasonable expectation they will eventually show up. Amazon's growth model was based entirely on this effect for many years. No need for profits, company's value skyrocketed as anticipation compounded.