Well you are referring to the other side of the market , where the market makers make the liquidity , those that match up buyers with sellers, or hedge the position (in options) . The majority of the profit in those trades lay on the spread, which is getting smaller now , and the selling of risk to the speculator.. so yeah you are right , but their are still those co's which trade on the open side , looking for appreciation or depreciation of the equity they have invested in .