Surely short selling is more relevant, but the ‘weighing’ machine is basically irrelevant compared to speculation. For instance, what companies paid the most dividends over the last 20 years? Are those the companies with the highest valuations over that time? How long of a time horizon do you need to show cash flow value from an investment versus speculative gains? I’m going to pull out my crystal ball and predict that today’s biggest companies in market cap will have below-average dividend performance for the next 20 years compared to the rest of the S&P.