Stock trading is not a zero sum game. When someone loses money, someone else does not receive that money. When stocks go down and stay down the implied money just disappears. This makes it harder to rebuy the shares that have gone down. The money is just gone. If it is actually stocks, I don't have the money and you don't have the money. It is just gone. This, plus margin calls and mutual funds redemptions will make it hard for the market to recover quickly.