“Do we care if the product is zero sum or not zero sum…”

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Hi Michael, I read a few reports, or articles from hyperlinks in your lessons about futures and options being zero sum, whereas stocks and ETFs are not. Does it make much, or any difference to anyone to invest in one or the other? Thanks, and the best and great articles you have are quotes by the masters, like Kovner and Druckenmiller.

Futures, ETFs, and leaps can all be used to trade as a trend following trader. That said, of course, they are different instruments.

Hi Mike, Thank you for your reply. I don’t think I asked the question correctly based on your answer. I will try again. As investors in any products, do we care if the product is zero sum or not zero sum? Thanks Mike.

I don’t know that caring is the issue. The issue is that you can trade as a trend follower using futures, ETFs or leaps. It’s a choice. They can all work. They are different instruments. More.

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