For those familiar with Lars Kroijer and his views

Voyager2002

sendu wrote: »

I'm not sure that this makes sense, given that the stock market is a zero sum game.

If you're able to buy in to companies with good fundamentals at good prices and never sell, and manage to remain diversified, then great.

But if most of your gains are actually going to come from selling shares, then the price set by the traders matters. Which means your investments are bets with or against them.

Except that when our long-term investor is buying, the point of sale is in the distant future. So s/he is betting against tomorrow's traders, who will certainly be working on the basis of information that is different from what is available to traders today