It is therefore "notional" dividends/ retained profits which underpin market value in the same way as notional property rental values underpin property prices, with "Buy to Let" as the arbitrage.
There's a big difference between:
(a) making Profits - and not paying dividends for tax reasons; and
(b) making losses - so there aren't any profits to retain.
Most DotComs were profit free zones, some without even GROSS revenues, never mind NET. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
