Subject: Re: a stocks and dividends question
From: "Stephen J. Turnbull" <>
Date: Fri, 10 Jan 2003 19:07:43 +0900

>>>>> "robin" == robin  <> writes:

    >> From that financial perspective, stock valuation, if it isn't a
    >> pyramid scheme, has to be rooted in expected dividends.

    robin> Well, yes.

Well, no.  There must be the _potential_ for dividends, but there is
no reason why the investors must call in that potential.  This will
depend on details of the company's strategy, etc.  Consider a startup
targeting being bought out by a large competitor as an extreme case.


[NB -- there will be no links to that except from this message until I
clean up the polemical style and change the names to protect the

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