Nobody said it is a way to make sure you have a steady upward gain. But that in itself is no reason to not participate in stock market - or if it is, you don't show how in your longish replies to my short posts.
Let's try this:
That's in a diversified portfolio of long-term investments, a fairly reliable income.
A "diversified portfolio of long-term investments" is nothing. It's not a reliable income, it's not a reliable strategy, it's not even really a *strategy* in the stock market (diversification is a risk strategy, not an investment strategy; an investment strategy has to have some planning for how to select in such a way as to produce gain).
In other words: that sentence is just a bunch of gibberish and jargon, the kind oft-repeated to people who have *no* investment strategy, frequently *by* people who have no investment strategy, and otherwise by people who stand to profit by getting you into the market (e.g. funds managers who can skim a fee off the top). Buy and hold is crap and professional investors--the big capital investors stealing money hand-over-fist, and particularly the people employed to invest and make gains in investment banking houses--are buying and selling based on sentiment (buy low, sell high). The buy-and-hold strategy--the strategy of "keeping long-term investments"--imposes a timing restriction ("don't sell before X time") or a timing strategy ("buy things you won't have to sell for X time") blindly and bluntly, as a cudgel, with no actual investment strategy related to growth and gains-taking (i.e. actually increasing the value of your portfolio).
Nobody said it is a place where money is generated, instead of stolen.
The suggestion that you *should* be investing if you're not a skilled, well-versed, highly-competent investor implies that money is generated in the market.
There are exactly two kinds of people in the market: Con-artists and marks. If you're just leisurely walking through the stock market buying what looks good, you're a mark; if you're studying the market to determine when idiots are holding out their money to be happily taken away, you're a con-artist. Marks are marks because they believe money comes out of the market magically: they'll "invest" and they'll get a return.
You don't have to outright say a thing to *say* a thing. Smoking improves your mood, gives you more confidence, and puts you among peers of great smokers like John Wayne. A great mass of marketing is built around this--it's all true, of course--and historically has lead people to believe smoking would make them healthy, happy, relaxed, and virile because the marketing statements create an association between smoking and all of those things *without* ever stating as much. They greatly *imply* such things. That's the same as when you tell the fish they can easily make income by putting their money in a diversified, long-term investment portfolio; without a huge pile of additional information, it sure sounds like money just pours out of the stock market as long as you're "diversified"...
This sort of marketing by heavily implying untrue situations, by deliberately misleading the audience, is well-known. It's so well-known that most modern advertisement is based heavily in legal research to stick to common knowledge (which is often faulty--Vitamin C doesn't cure or prevent colds, but look at the orange juice ads...) or shaky research (there *is* research, with poor controls and bad experimental design... and we cite the one study that supports us out of 100 that don't) and avoid criminal false advertisement by deliberately misleading consumers.
But like vegetables are not grown in vegetable market but yet it might make sense to buy them in vegetable market, just because money isn't generated in the stock market doesn't mean it is not a good idea to buy stocks in the stock market.
Nigerian scams aren't created in e-mails, yet it might make sense to buy into a Nigerian Prince's $28 million account that you received in your e-mail.
You're essentially only saying that stocks are injected into the market by IPOs from companies, and so it might make sense to buy those stocks in the stock market. In other words: you're suggesting it's a good idea to buy stocks BECAUSE THEY EXIST, and not for any real strategic reason.