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Hi Lionel,
I disagree with your disagreeing ;-)
Although I don't know what a "pari mutual track" is, I suspect you're
talking about gambling, and there the bank truly always comes out ahead -
so nix zero sum game allright. Insofar as we're talking about derivatives,
and I mean all variants, right again: You makes your choice and you places
your bets and we takes you money...
However, when buying stocks I definitely do not partake in any kind of game
but I acquire part-ownership of a real firm doing real business in the real
world. Of course I hope and trust that it will grow and prosper, thereby
adding to the value of my stock in it. Goverments all over the world
clearly recognize this fact by levying VALUE ADDED Taxes. Brokerage fees in
this context are the price I pay for a service: the actual acquisition and
transfer to my holdings of the stocks I wish to buy.
In short I just wanted to say that buying stocks, i.e. investing, is not
part of any game, zero or otherwise summed, but partaking in the economy of
my country and/or the world, and thereby helping it (and myself of course)
to thrive just that little bit more.
Kind regards & Happy Trading,
Jan Willem Roberts
At 09:12 22.10.2001 -0500, you wrote:
>Erich:
>Excellent post. Sometimes we have to be reminded of the obvious and not so
>obvious.
>
>I disagree on one point. The stock market is not a zero sum game, like
>betting at the pari mutual track, it is a negative sum game. The brokerage
>fees are the house charges, less money goes out (to the winners) than came
>in (from the losers).
>Lionel Issen
>lissen@xxxxxxxxxxxxxx
>----- Original Message -----
>From: "Erich Kohlhofer" <KohlhoEG@xxxxxxxxxxxx>
>To: <metastock@xxxxxxxxxxxxx>
>Sent: Monday, October 22, 2001 2:12 AM
>Subject: Newbes, mechanical systems, expectancy, etc.
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