The Stock Market is a Ponzi Scheme. Fully explained.

The version without no music is here: FREE PDF Book: NOTE: Stock buybacks are NOT returns/dividends because the firms just print shares after the buyback (dilution). Buyback video: The Ponzi Factor is the most comprehensive research ever compiled on the negative-sum nature of capital gains—the money people make from buying and selling stocks. Unlike other finance books, this book does not assume stocks are ownership instruments. It investigates the ownership assumption and asks, “Why are stocks ownership instruments if the owners never receive money from the companies they own?” Most people don’t realize that profits from buying and selling stocks come from other investors. When one investor buys low and sells high, another investor is also buying high and needs to sell for even higher. Companies like Google, Telsa, Facebook never pay their investors. Their investors’ profits are dependent