The characteristic of zero-sum game market is (ignoring transaction cost): "the total loss of all losers" is equal to "the total profit of all profits", so the futures market is a zero-sum game, but the securities market is not.

Let's make a simple assumption: if only one stock is traded in the market every day and the price is the daily limit, then after seven trading days, the prices of all stocks will fall by 50% and the market value will shrink by 50%. Where do you think the lost money is? or vice versa, Dallas to the auditorium

Therefore, the market value of the stock market is actually a virtual thing, which is very rich on paper. If it is not realized, it is not real money.