The S&P 500 pays out half a trillion in dividends each year, and performs another half a trillion worth of stock buybacks, funded by the profits from the econom

The S&P 500 pays out half a trillion in dividends each year, and performs another half a trillion worth of stock buybacks, funded by the profits from the economic activities of the traded companies. It's not all "number goes up"/a zero sum game of early investors selling to later investors.