Tan Liu: Why Many Of Todays Most Owned Stocks Are Ponzi Schemes

Peak Prosperity, Released on 2/14/19 Stocks provide a return to today’s investors via two mechanisms: dividends and capital gains. Dividends provide and income stream which can be qualitatively values. Capital gains result from speculation — an expectation that future dividends will be higher than the market currently expects. But what’s the value of a company […]