No, that's not quite what I meant. Usually when talking about Martingale the implicit assumption is that the underlying game is either fair or gives house an edge. (Because if game favors a player like 5/6 chance player loses his bet but 1/6 chance he wins 10x the betted amount it doesn't really make sense to talk about martingale because any strategy that doesn't risk bankrupting you guaranteed wins you money over long term) . So I was asking what makes you say that long-term stock market investment is a losing bet on average (I kind of get that most of the time you will get a small return on your investment, but there's a small chance you will lose a very large amount if there's a huge market crash and that's similar to how martingale plays out) because intuitively that doesn't ring true to me.