Posts tagged as:


Stocks are a zero-sum game

July 15, 2009

I firmly hold that all financial contracts are zero-sum games. Recently, however, I have heard many arguments premised on the idea that the stock market is positive sum because economic growth creates wealth, which is reflected in universally rising stock prices. But in this scenario, you purchase $1 of stock on Day 1. On Day […]

15 comments Read the whole post →