"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.
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