small business stock gains

What gives value stocks?
I have been struggling with this issue in recent weeks, after reading an article by Andy Kessler. It argues against the value of the purchase shares with dividends because it is a sign (in your mind) that society is paying off, because they have other projects to invest in that would provide further increase in income. Indeed, it seems that argued against pay dividends at all. I tend to agree with him that one, or at least a little. However, if I open a small business, do so primarily for income. Therefore, if you buy a stock without dividends, I am in search of capital gains arising from an increase in demand of the population. Let's say if a company gives NEVER dividends, then it seems that people just buy the shares for capital gains, but capital gains resulting from people purchasing the population (ie demand), resulting in recognition of capital gains. It seems a bit circular and populations have no fundamental value in this case, only pieces of paper.
Because they have other projects to invest? HA. This sounds like such an idiot. Probably never read a statement of 10 K in a large cap company profitable. There are many companies that pay dividends that are still investing in projects and growing. Do not believe everything you read. and try to find evidence that the view of only one type before they believe in something.
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