No, the value of an asset is how much you will get for it.
Steve McQueen's 1968 Mustang Fastback from the movie Bullitt has neither dividends nor buybacks, but it was auctioned in January 2020 for US$ 3.4M.
* https://en.wikipedia.org/wiki/Bullitt
Paul Newman's personal "Paul Newman" Rolex Daytona sold for US$ 17.75M:
* https://www.hodinkee.com/articles/paul-newman-rolex-daytona-...
> Eventually they've got to see a return.
They can see a return at any point: sell your shares for more than you bought them for. Boom: capital returns.
Dividends do not matter:
* https://canadiancouchpotato.com/2011/01/18/debunking-dividen...
A dollar in your pocket is a dollar in your pocket regardless of whether it came from dividends or sell your shares:
* https://www.moneysense.ca/magazine-archive/the-income-illusi...
You are performing what is called "mental accounting":
* https://ritholtz.com/1982/11/explaining-investor-preference-...
* https://www.etf.com/sections/index-investor-corner/21413-swe...
"the value of an asset is how much you will get for it."
and the price of an asset is an estimate of its value. projection of future dividend/buybacks is an important part of determining that value. the idea that its irrelevant to pricing is ludicrous.