Mark Cuban said this a while ago, perhaps as long ago as Feb. 1, 2002.
"I rarely think the market is right. I believe non dividend stocks aren't much more than baseball cards. They are worth what you can convince someone to pay for it." --Mark Cuban
Even successful stocks like Apple make less sense nowadays. Why am I buying Apple? I get nothing for it. I don’t get a dividend. If a company as rich as Apple can’t afford to give out a dividend, why am I buying their stock? Because I’m gambling that others will continue to want Apple and the price will continue to go up.But Apple Stock will probably not go up forever. Therefore, Apple becomes a gambling stock and people are not in it forever, or not even necessarily for the long long term, because Apple does not give the investor anything unless the investor sells.
I only discovered Mark Cuban's quote earlier today (Feb. 6. 2011) on the Big Picture Blog (on a February 3rd article begging Cuban to buy the Mets), where it was featured as the quote of the day. It felt good to have something in common with a billionaire, even if it wasn't the money.
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