The two aren't conflicting ideas. Stock returns are directly tied to dividends and buybacks and indirectly tied to profits and overall company performance. If I

The two aren't conflicting ideas. Stock returns are directly tied to dividends and buybacks and indirectly tied to profits and overall company performance. If I think a company isn't returning enough, I'll invest my money elsewhere, and its share price will go down. If I think the stock market isn't returning enough, I'll invest my money in bonds or commodities or foreign countries or Bitcoin or cash under my mattress, and the entire market will go down.