Hacker News Reader

It depends on your perspective. The act of speculation is zero sum, but holding onto the stock and letting it appreciate isn't zero sum. Seeing how "speculative traders" are in it to make more than the 8% average (or whatever), we're probably talking about the former and not the latter.

You have not factored in the person that I sold it to for 30.

Who did j sell to and who did You buy from?

Follow the trail all the way down to QE by the federal reserve. Everyone wins! There are no losers!

Follow this chain and ultimately you'll discover the concept of credit creation, where banks lend the same money to multiple people.

It really is not a zero-sum game.