i can cure chartists, page-124

"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.

It is clear, isnt it ?
CBA generates $60 billion, and all the market achieves is to reduce the prize pool. (with some help from the Honourable Peter Costello who collects his realised CGT).
Who do you think pays for brokers' salaries, cars, mistresses and childrens' educations ?"

So let me get this right. The $60 billion gain becomes a negative sum, that is a loss because of brokerage, cgt, cars, mistresses and schooling? I'm right with you...

"What is abundantly clear is that financial illiteracy is the norm and all you are doing is provide further superfluous proof."

lol clarky the kryptonite has got to you! Superfluos enough to send you into a glasses fogging furious spasm:-)

"assume that 50% of all CBA shares are owned by buy-and-hold since day dot shareholders."

Assumations are not credible - facts are.

"2) The buy-and-hold types will make $40 billion in profits.
The maximum profit."

How can you make a capital gain profit if you don't sell?

"3) The other half of market-trading shareholders will make *less* than the maximum $40 billion.
For this group, the market exists.
And the market is negative sum.
It destroys value (commissions, CGT), reducing returns."

It was $60 billion ..now it's $40 billion. Not to worry, moving targets are a traders dream. Crapping on about negative sums does not bring them into existance.

"They must now out-trade other players, first to recover ground lost to the buy-and-holders and possibly outperform them."

is an obvious contradiction with:

"For the buy-and-hold since the IPO shareholders the market *does not exist*."

and finally

"And if the evidence presented to me in this thread is anything to go by, you rate to be in the loser camp.
You will be smashed."

Oh well you haven't done very well here but cheers to you too anyway clarky babeeeeee!

clarkent you have to do better than crap on and attempt to put people down ...it's not good for your social life:-)

I'm sure there are people out there who want to love you but jeez mate you play hard to get;-)