This highlights something that I've always found confusing about the stock market. The traditional CAPM assumes stocks are priced based upon discounted future cash flows. But yet, we have many stocks which have an extremely high liklihood of never returning capital to investors: stocks which are likely to never buy back shares nor issue dividends. And yet, investors price them as if that capital will be returned to investors. There does seem to be something fairly unexplainable about stock valuation by the market. Perhaps this finally reveals something more to it.