>Secondly, every trade has a counterparty. So somebody necessarily has to be at ... | Hacker News

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		mememachine on Feb 25, 2017 \| parent \| context \| favorite \| on: Warren Buffett's Annual Letter to Berkshire Hathaw... >Secondly, every trade has a counterparty. So somebody necessarily has to be at the loser's end of every trade. This is not true. There will always be someone who wins less between the two, but it doesnt mean it wasnt a win-win trade. Some things are more valuable to one person than another.

stouset on Feb 26, 2017 [–]

He's talking about the stock market as an investment, not trade in general.

inimino on Feb 26, 2017 | [–]

Some people may still value the experience of losing more than the money.

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