[ FreeCourseWeb ] The Ponzi Factor- The Simple Truth About Investment Profits

[ FreeCourseWeb.com ] The Ponzi Factor: The Simple Truth About Investment Profits

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English | ISBN: 1976949955 | 169 pages | 2018| EPUB | 1.05 MB
"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident." --Arthur Schopenhauer

The stock market is similar to a Ponzi scheme because it is a system where the current investors' profits are dependent on the inflow of cash from new investors. The myth is, profits from stocks come from the earnings and growth of the underlying company. The reality is, profits from buying and selling stocks come from other investors who are buying and selling stocks. When one investor buys low and sells high, another investor is also buying high and needs to sell for even higher.

The truth really is just that simple. But, some of you might be thinking, "But stocks are ownership instruments, some stocks pay dividends, some companies buy back shares, people have made money, etc."

I'm familiar with those ideas because I used to work in finance and defended the legitimacy of the stock market with those same textbook responses. But then, I thought about it for many years at very deep levels--researched the history of stocks, studied S.E.C. filings--and realized that there is a massive difference between the textbook ideas from school and what actually happens in practice. People also have a tendency to rationalize and ignore the obvious when it goes against what they want to believe.

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