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The comparison of poker players to stock traders can be heard very often.
In my opinion, someone who earns his living trading stocks (with his own money) does not have a job. But to make that living, he does not have to take money away from someone else.
He does not contribute to society, but does not harm it either. (Except for the big guns who actively influence the stock-exchange prices.)
When you buy an equity at $8 thinking it's worth $10 (and you're right), you're only gaining at the sellers expense - and in the same proportion.
The collective presence of those people ensure that money is moved from places where it will yield a low marginal return to places with high marginal return, which is another way of saying that they make the market 'more efficient'.
But on an individual basis, those actual gains from the increased 'efficiency' of the market will never be proportional to what they've skimmed off the top. Much in the way that the marginal contribution of a single poker player (in terms of entertainment that they provide) will never compare to the money they're taking off the table.
I'd argue there are a lot of other professions that we'd be better off making obsolete than poker and trading.
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Many posters said that most people work to make ends meet and not to contribute to society. I agree. But almost everyone takes at least a little bit of pride in what he does.
If you need to have a job to feel as though you're a "good person", you probably arent a good person.
Last edited by Abbaddabba; 11-05-2008 at 08:49 PM.