In addition, if you are an investor and you do poorly, you may just drop out of the market. On the other hand, if you are a winner, you'll stay in the market.

In addition, if you are an investor and you do poorly, you may just drop out of the market. On the other hand, if you are a winner, you'll stay in the market. In this way, you can have a lot of investors losing their money with a fewer # of people gaining.