What you say is true only in the most basic sense. If you look at the movement of some stocks, there is clearly a ton of speculation. There are whole stocks (and classes of stocks, like some recent SPACs) that essentially move on almost nothing but speculation. Regardless, he said he liked to "earn his money with effort", so I am interested in learning how far that goes...
My point is that it is not black-and-white. Stocks represent companies with real products and cash flows, but there is also a ton of speculative, bubble like behaviour on top of it. Take a look at a 1 year chart of something like TSLA or NIO and tell me that isn't true.
