( how did we get to HERE, from Data Mining?)
On 15 Apr 2000 17:50:05 GMT, [EMAIL PROTECTED] (Radford Neal)
wrote:
> In article <[EMAIL PROTECTED]>,
> Rich Ulrich <[EMAIL PROTECTED]> wrote:
>
> >One thing that remains true about stock investment schemes: There may
> >be some overall growth, somewhere, but in a specific, narrow
> >perspective, the whole market makes up a zero-sum game. If someone
> >wins, someone else has to lose.
>
> The above is internally contradictory, but the final statement is
> clearly false.
Hey, the final statement is a DEFINITION of zero-sum game.
Where is YOUR mind wandering to?
I have no objection to wise investments, and that is
why I specified tried to specify a different context,
that is, "schemes." - Sorry that I
> Of course, short-term "day trading" is largely a zero-sum game, as the
> return to be expected over such a short time period is very small.
- much of it only becomes zero-sum, when the time period is LONG.
There are fortunes made on a soaring market.
- actually, I expect there are a few Wise Guys who will extract most
of the profit, so techno-stocks will be negative-sum for most
investors. There is a LONG history like that: In the 1830s and 1840s
investors poured money into building canals in the U.S. and England.
The countries benefitted from canals; a few manipulators got rich;
most of the companies went broke and most of the investors lost money.
Railroads followed the same pattern in the second half of that
century.
In the 1910s, the "wireless telegraph" had the investors flocking --
the U.S. government got involved in prosecuting traders for fraudulent
offerings. But I don't know if that was as big as Railroads, in terms
of dollars.
--
Rich Ulrich, [EMAIL PROTECTED]
http://www.pitt.edu/~wpilib/index.html
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