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Thats true. I think newer (last 15 years) tech company's have been able to not offer dividends and still attract investors (even low capex, software co's that don't necessarily need to reinvest), but the types of investors (venture investors) they attract are naturally then interested in capital gains, and thats only achieved by trading that equity. I could be wrong, but traders tend not to think past the point of their expected holding, and since their only return is on sale of the equity, prefer for that to happen earlier rather than later.

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