Mark Ritchie . Joe Ritchie . Blair Hull . Jeff Yass . Peter Borish .
Traders are willing to lose when they obtain external benefits from trading.
The most important external benefits are expected returns from holding risky securities that represent deferred consumption. Hedging and gambling provide other external benefits. Markets would not exist without utilitarian traders. Their trading losses fund the winning traders who make prices efficient and provide liquidity. In the markets, as in life, greed and fear still motivate.