Stlhead,

Probably a minor point overall, but I think you're incorrect that there must be losers in order for there to be winners in investing. My understanding is that there are two ways of making money in markets. One, as you allude to, is the transfer of money from the losers to the winners. The second is the creation of new wealth by combining capital and labor to synergistically create products and or services that are worth more than the mere sum of the capital and labor. I think win-win outcomes are also a market possibility.

It's those SEC scams like Ivan Bosky and Michael Milken, and now probably Enron and others - that were all about transfer of money - that give a negative connotation to earning money through investing.

I agree with you that there will always be rich and poor in societies, even collectivist societies. And being rich isn't all about hard work. Many of this planet's people work hard without ever achieving wealth. Much of what happens in life is the result of luck, or a lack of it.

Sincerely,

Salmo g.