Valuations are not zero sum. On a cash flow basis, I think that’s pretty simple: consumers via subsidies. But on the mark to market side, if I invest $10 at $10

Valuations are not zero sum. On a cash flow basis, I think that’s pretty simple: consumers via subsidies. But on the mark to market side, if I invest $10 at $100 valuation and the company lists on a stock exchange where investors only value the company at $50, I’ve lost $5 and nobody has gained anything.