if you're looking at it from an investment point, where you buy the shares, hold them for years and get the annual dividends then yes.. but the majority of "investors" are just speculating and aren't in it for long term. Most just try to follow the herd and get burnt along the way..
for watches, if you think nobody loses, ask those who bought AP and Patek during the peaks post-COVID, those who bought the ROLEX steel Daytona at RM150k and pepsi GMT or blue steel Sky-Dwellers at RM120k?
Not exactly true, it can be win for all parties if business continue grow, more profits, more dividends, more investors buying the shares and the share price goes up. Same as watches, you sell your watch does it mean you win the other person buying your watch lose?
Do people understand that nothing is made on the stock market? For someone to win big, someone or many has to lose a lot...