[adastra22]

> In perfectly competitive markets noone makes a profit

Bit of an aside, but this is not true btw. Even in situations which most closely approximate what you describe, there is a positive, nonzero floor to profit taking. This is typically explained as the opportunity cost of allocating money, which is not just the known alternative investments you are giving up, but the unknown-unknown risks. Among certain schools of political economics, it is also taught that this is a built-in action bias towards holders of money. Essentially, the rich get richer (quantified).

[akho]

Zero economic profit for the marginal producer; i.e. investors could as well work for hire and buy an ETF. In the long run.

My point on regulation shifting capital allocation away from a sector stands, regardless of detail.