How is any tradable instrument any different. If you stopped the game most stock...

frankbreetz · on Jan 15, 2022

Not true, if own a certain percentage of the stock of a company you can auction of its assets and keep the money.

skybrian · on Jan 16, 2022

Here are a few ways they're different:

- For most bonds, the game ends at maturity.

- The money used for stock buybacks doesn't come from other shareholders, so that's not zero sum.

- Many companies have substantial assets, so they do have liquidation value.

However, it's true that most stocks trade far above liquidation value, under the assumption that the game will continue.