Very presumptious to suggest I attributed that statement to you.
"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."
Negative sum? ..that statement implies brokerage and cgt is > $60 billion. Did you mean the market is playing for less than $60 billion but greater than $0?