Yes of course, it's all very complex. My point is, however, that the secondary market is a big money pump to move money from idiots to smart JP Morgan investors. I know because I've moved money from idiots to me, on purpose. It's not exactly easy, either; rocket science is what I would call easy.
The stock market is an exercise in chaos theory. Stock market movements are 100% predictable; however, you have less than 100% information, so you cannot predict them 100% reliably. The stock market is rather transparent, and a combination of technical analysis (stock trends), knowledge of current events (business acumen, awareness), and fundamentals (awareness of fundamentals applied to any information that leads you to think focus will be moved onto those fundamentals) allows you to make fairly reliable judgments about what is good to buy and what isn't. You can take this all the way out to dividing market sectors by the market as a whole to find out what is growing faster than the market, and dividing stocks by the sector as a whole to find out what are the hot stocks, and then doing further analysis, and picking winners nearly every time.
The average person trades on news, on "this stock is doing well", on "this is a good company". The amount of analysis an investment banker makes is huge. That means an investment banker has significantly more wins, has an understanding of how much they can lose, and can assure continuous average growth over a period. Day traders play entirely on technicals (day trading is round-tripping repeatedly in one day on minor fluctuations; it's the same as long-term trading, but is less influenced by news and major current events, so requires much less information to pull off successfully--but requires more money and/or margin leverage).
Think about it this way: You're playing poker, 5 card stud, with JP Morgan, Goldman Sachs, and three of your buddies. JP Morgan and Goldman Sachs can see 3 of the 5 cards of everyone's hand and the first card on the top of the deck. You and your buddies can see one card of everyone's hand, and can't peek at the deck. None of you knows how many cards each person is going to hold, or which. Who is going to leave the table rich, and who is going to leave dirt poor?