i can cure chartists, page-101

"Equity markets are not a zero sum"

I didnt say zero-sum.
I said negative-sum.

Simple really.

As I said earlier, CBA has added $60 billion in value since the IPO.

If the market had been closed, and everyone who got in the IPO simply held their shares, they would collectively be $60 billion richer.

Now throw the market into the mix. Every time a share is traded, the potential prize pool reduces by two sets of brokerage and CGT.
We are no longer playing for $60 billion.
We are playing for less.
Negative-sum.