[tshaddox]

Doesn't that apply just as well to public stocks, at least at the scale of most retail investors? Like sure, you "own part of the company" and the company might produce things, but I'm pretty sure everyone knows deep down that they're just purchasing in the hope that someone else with the same mindset will pay more for them in the future.

[dTal]

In theory, stocks can produce dividends. If a stock does not currently yield dividends, presumably the company is reinvesting that money so that the stock might yield higher dividends in the future. So stocks are a productive asset, at least in theory. Of course, in reality, speculative investment does contribute to the value of the stock, but at least it's notionally backed by something.

[brazzy]

https://en.wikipedia.org/wiki/Dividend