[zodiac]

Not really, it's the expected future value of dividends (plus the value in assets of the company and in voting rights, but these are normally much smaller than the value of the future value of dividends). People buy growth company stocks based on the belief that in 10 years, the company will be huge and they'll start paying dividends.

> Also preferred shares issue dividends, right? So all the rest - what is their 'value' by this strange definition?

Common stock can pay dividends as well.

If you still don't believe me, let me ask you - if tomorrow Google announced that they would never ever pay a dividend ever, how much would their stock be worth? Why would anyone buy Google stock in that case?

[lmm]

Google did say that, when they first went public. The markets ignored it (and it seems they were right to; Google may not technically have paid a dividend but they reverse-span-out Alphabet which has, which is economically the same thing).