Stock going up is not the purpose of public companies. In fact you should always assume that the current price of a security considers all available information and has no reason to diverge from natural market returns.
Company exists to return capital to shareholders. In the absence of a dividend, that has to be from stock price going up. If neither happens, leadership will be changed. Efficient market hypothesis is also nonsense.
Public companies are meant to have public voting rights. The capital part of it is not the priority. Also, it’s not “Efficient Market Hipothesis”. If you have material non public information you definitely can make alpha purchasing stocks. If you don’t, then you are only betting on a decentralized casino.
