Well, if you exclude the fact that some companies create value, and some very few companies create value exponentially, you would be right.
But those are some very big exclusions you just made.
No doubt a lot of very smart people said to Steven Jobs back in early 2000s, something like "What? A music player? There's no money in that, look at all the cheap players coming out of China. Jeepers Steve, turn off that reality distortion field. Next thing you know, you will want to build a phone. Stick to computers."