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I wrote a post fairly recently called So Many Losers and the gist of the article was the work that Hendrick Bess and Binder has done on stock market returns talking about how the winners or the vast majority of the

wealth creation has been concentrated in the hands of the few.

So basically parade on steroids, quintessential capitalism,

so companies like Microsoft and Apple and Google and Amazon, things like that are responsible

for all of the wealth created.

And yeah, one of the things that people don't understand

about the way the stock market functions

is that the losers tend to outnumber the winners

by a large margin.

But because of the nature of market kept waiting, the winners more than offset all of the losers.

So as a random example, footlocker could go to zero and the S&P 500 would it blink.

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