Not quite right. I made money from AAPL selling at $545 after buying at $390, thinking that it should have topped out at that point (and, technically, it should have). Shortly after that it went up to $700. If the person who bought my shares at $545 kept them until $700 and then sold... well, we would have both made about the same amount of money. Anyone buying long at $700 would then have lost money... if they have sold since that time.