ASX Shares Are non-dividend paying shares (e.g. MUS) a ponzi scheme?

That is what I meant initially. If you are relying on other investors to buy in and inflate the stock price (as opposed to actual company growth) then it seemed ponzi-ish to me.

 

Perhaps a look back to the old school is good idea
The Intelligent Investor by Benjamin Graham.
If it's good enough for Warren Buffet, then it warrants a look.

 

However you should always be keeping your finger on the pulse at any rate - things are always changing. Look at what the All Ordinaries and Dow Jones indices are composed of and how much they have changed over time.
Dividend paying shares may not be great for various reasons:
- The company is now in a stagnant "mature" market with limited growth.
- Management has run out of ideas or energy about expanding the business and can't think of anything better to do than return the capital
- Management are under pressure to improve returns (for their bonuses, options ,etc) and do so in a short term fashion by borrowing extra to increase the dividend. Similarly they may be underinvesting in the company's future to shore up the dividend

In the end nothing beats keeping abreast of what the company is up to and how it is faring in the wider market.

Don't forget that management and the board can also suddenly for various reasons decide to cut or halt the dividend - they will have a substantial shareholder backlash but sometimes the have to.
PG&E (the major Californian utility - they were the subject of the movie Erin Brockovich) have recently had to suddenly suspend their dividend after it emerged that they may be liable for some of California's recent wildfires and the share price promptly sank 14%
PG&E falls 14% after halting dividend, cites potential liability from October's California fires

 

Thanks for the advice @noogie60 much appreciated

 

Also bear in mind "value" can be measured/estimated via "PE ratio" as an alternative to "yield"

 

No. You are buying a share in a company (something tangible). A ponzi scheme requires constant new entrants and is based on fraud. You can lose money on the share market but that does not make it a ponzi scheme it just makes it a risk like any investment.
SEC.gov | Ponzi Schemes