It is worth what someone is willing to pay for it.  The correct question is: under what conditions is it worth it?  Many valuations seem to rely on investor N+1 being even more gullible than investor N.<p>You can&#x27;t defy gravity though; eventually someone is going to want to get a dividend.  It must be more profitable to own shares in a firm than to not once the chain of fools has run out.