Incorrect. Lets say you hold your money somewhere and it does nothing stays flat and the share price is the same when you bought it. Meanwhile you could have had your money elsewhere cd, savings account, bonds, index funds or other equity and those earned you money. That is opportunity costs that you lost by letting your money sit somewhere not performing or worse yet at a loss. Not just on paper because if you sold or received interest, gains or dividends that is actual money earned.