The theory of present value states that the price of a stock is the discounted value of the infinite stream of future income of the company.
Several countries have had very very low interest rates, very close to zero. Yet, stock prices have not gone to very very high values, or even infinity.
Why is this the case? Is this a proof that the theory of present value is incorrect? Or maybe investors think companies will not last "forever" (which they cannot, as earth's lifespawn is finite)?