Hi Baires and Obriy: Just a comment on this, DW is using a sports analogy provided by an academic which helps our thinking about how the market operates. In the end, quality rises to the top of the table because of its objectively evaluable characteristics and its potential and ultimately actual profitability (or success on the field or ice or whatever). Even though sports bettors might try to affect a team's performance - they might affect whether fans show up and whether good players might want to play for the team for example, in the end bettors are not really actors but passive receivers of the scores that the team achieves in competition. Just like investors in markets are ultimately receivers of the benefits or not of the world price for the commodity or product, and the perfornance of the company in producing that commodity or product. That is my understanding of the analogy, and I think it is a good one, though not perfect of course. Want to explore it further? Best to all, Isaiah