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> There's no intrinsic reason for earnings to be directly related to stock price.

You are buying a share in an income stream! You are using your money to buy money! If there is no intrinsic reason for this to have a price that is measured in money, where exactly do you think a price measured in money is appropriate?

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Corporations are not required to share their income stream with investors, either directly through dividends or indirectly through buybacks. The "income stream" concept is only theoretical.

If they don't, and can't demonstrate that they're doing something else useful with that money, investors get angry and fire the board.

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