Summary
Finance professor Lawrence Harris explains where trading profits come from: futures trading is zero-sum before costs, so winners can only profit at the expense of losers.
He sorts traders by type and shows which ones tend to come out ahead.
Source
- Title
- The Winners and Losers of the Zero-Sum Game
- Author
- Lawrence Harris
- Year
- 1993
- Published by
- University of Southern California (draft paper)
- Length
- 34 pages
- File
- PDF · 80 KB