But that’s wholesale-retail thing. Retailer provides a “utility” or “value” for his markup.
With stocks, it is usually all “retail”. Bob buys for $10 from Jack. Bob sells to John for $10.20. John sells tomorrow for $10.30 to Joe. Joe sells to Jack at noon for $10.10.
At each stage, house takes a cut. what is the benefit to society? Liquidity? Price discovery? Wasn’t it Karl Denniger who noted after Chilean earthquake, copper futures went up, even no disruption to the mines. Speculation—what good is it?
parsy, who would prefer boring markets
Birdman prefers The Obammunist cut taxes.
yitbos