The New Stock Market – Law, Economics, and Policy : [PDF Download]

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“Fundamental value informed trading will generate positive trading profits on an expected basis, as illustrated in the example above, even though the existence of the practice widens the spreads that its practitioners incur.

The business of such trading requires skilled and unskilled labor and physical, organizational, and financial assets. In a competitive economy, suppliers of the ordinary inputs will be paid a market return comparable to what they would earn if the resources they supplied were deployed instead in another way.

Thus, the practice of fundamental value informed trading has no effect on their wealth positions. The persons with uniquely useful abilities and skills for fundamental value trading will be paid greater rents than they would be paid if they had to work in a different business.

Thus, the wealth positions of these persons are greater in the world where the practice occurs freely than where it is prohibited.”

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