## Beating the Zero Sum Game

How do you beat the zero sum game? You can’t change the fact that trading is a negative sum game with transactions costs. The expected value of the overall global game is always going to be zero, relative to the benchmark. But can you create a situation where the expected value of your local trading is positive? The answer is “yes” - in several ways. When people trade, they are fixated on looking for that big “up” or “down” trade. That really only happens a few times a year, if they are lucky. And they may need to get lucky [...]