I will use a baseball card trading analogy to present my question:
The baseball card trading market, like any other market, follows the laws of supply and demand. The demand for baseball cards can be categorized into two groups of people: the Steves and the Bobs.
The Steves are the businessmen, the investors. They buy cards in hopes that one day they will appreciate in value (perhaps due to stellar performance/popularity of that player) and then sell them for a profit.
The Bobs are not businessmen and have no interest in profit. Instead, they are baseball lovers, they are collectors. They would pay large amounts of money for rare/limited-supply cards to add to their collection. It is the Bobs' demand that truly gives these cards their value.
Now let's say Bobs no longer existed. The Steves may not even care and still continue trading. Even if all the Steves realize that there is no demand from Bobs to give these cards their value, they can still maintain their own demand for the cards and continue using player performance/popularity as a determinate for value. However, they would be kidding themselves. This type of demand seems so artificial and volatile.
My question is: Are there any Bobs in the stock market, or is everyone a Steve?
If everyone is a Steve, then doesn't the stock market and demand for stocks survive simply because we will it to? This seems like such a psychological concept that I still struggle to wrap my mind around.