Corporate valuation isn't about short-term thinking. It's actually all very long-term. Plenty of companies are not paying out all their profits to shareholders, and their valuation is entirely based on expectation that it'll happen in the distant future and the discounted perpetuity value will equal the initial investment, probably after the current investors are dead.

There are still plenty of vulture investors who find a way to trick the market in the short-to-medium term. I'm not convinced Facebook is a case of that, even though I hate what they do.