Comment by exclipy

I don't think a long pay-off horizon is a problem for this market. It the same as for shares in companies that don't pay dividends. What creates a price for Berkshire Hathaway (BRK/A) if owning the share never gives you anything in the form of dividend? It's because in the far future, you can be confident they'll have enough money in the bank that they will pay out. Maybe not in your lifetime, but you can sell to someone, who'll sell to someone, etc. who will eventually collect a dividend. The market is so abstract that that pay-off time could be infinity years in the future and still, the share still has market value today.