I’m looking for clarification on my thoughts here.The intrinsic value of a company is the net present value of all future cash flows.Technically the share price shouldn’t change then. The behavior of seeking long term capital growth in share price appreciation implies that the companies are perpetually undervalued.Yes, market forces are what ultimately determine the actual share price, but if the stock market worked efficiently there should be no money to make from price appreciation and the only incentive being dividend.So if a company doesn’t pay you the prevailing interest rates for a dividend they are saying “our stock is undervalued right now” and you should expect greater dividend in the future.This also entails that some companies that failed were actually worth zero.But as we get better at predicting things shouldn’t this concept of capital gains through stock appreciation taper off eventually?