For me, Facebook has become the best example of why investing in stocks that don't pay dividends doesn't make sense. That's not to say that investors can't make fortunes in companies that don't - obviously they, the investors, can.

But otherwise what is non-dividend stock but a ponzi/confidence game? The way shares are classed as well now you don't even really "own" a piece of the company. You have limited to no voting privileges, and don't share in the company's profits. No wonder the banks have to push them onto investors!

Basically you are hoping someone comes along who also doesn't mind buying a stake in a company where the only benefit is that there might be a third person in the future who will pay even more, and so on.

Have I got it wrong? I can understand stock when you are expecting your investment to generate returns based on a company's performance, but most stock these days buys you nothing but the ability to sell it to someone else down the road. Ownership itself has no value.