**1. Stocks rise because “someone else will buy more expensive later”**
It is a common experience, especially in bubbles (like dotcom 2000 or meme stocks). You don’t buy because the company makes money, but in the hope that someone else will pay more later. It is reminiscent of pyramid schemes, where profits for the first ones are paid with money from the new ones.
**2. It is possible to “make money without creating anything”**
It bothers many. That someone can sit in front of a screen and press “buy” and “sell” and earn more than a nurse, doctor or carpenter – it feels unfair. Then the stock market is perceived as speculative and parasitic.
**3. Valuations often completely disconnected from reality**
When companies without profit, hardly any turnover and maybe just a vision are valued at billions, it feels like a scam. It creates distrust. Example: many AI companies in the early stages.
**4. A constant influx of new capital is needed**
Pension money, index funds, new savers – everything is constantly being pumped into the stock market. Without that influx, prices might fall. Some see similarities to a pyramid scheme, where new participants are needed to keep the system afloat.