Dividends are far from the only way you can realize value as a buy-and-hold investor with infinite patience. For example, the company might be acquired in a cash-for-stock deal. (I don't hold my Microsoft shares in the hopes that someday Google or Apple will just swallow them for old time's sake, but hey, stranger things will happen as time goes to infinity.)

This means that even if your stock of choice never distributes dividends, it is essentially a non-expiring call option on participation in an eventual sale.