The value of a business is entirely the part the second of the line - its entirely people speculating on the future value. Thats why Telsa is worth so much compared to other auto makers - its a small, niche player who makes poor quality cars - but investors believe it will take over the world hence its 'valuation'.

This is assuming you mean just the economic definition of value. If you mean value more broadly, then your statement is even less true; in that case hedge funds would be worth nothing.

>hedge funds would be worth nothing.

People who want to maintain their wealth find value in hedge funds. Being able to insulate your wealth from whateveris happening in the world, without you having to think about it is valuable.