At times it seems that everybody wants to be a trader. Nobody wants to be an investor.
Trading is exciting. Investing is boring.
Traders are trying to find the arbitrage, the sure thing, trying to outthink and out play the market.
Investors are simply trying to participate with the market as efficiently as possible and with a long-term focus.
For every winning trader there is an equal and opposite losing trader. It is a zero-sum game.
For every winning investor there are only various beneficiaries all of whom gained on net to one degree or another. It is a positive-sum game. There are no losers in that game provided the investor was a winner and all costs were internalized.*
*Yes, I know those conditional statements are doing a lot of work.
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| Paul Kehrer, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons |
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