Malkiel's "random walk" applies not to the short term, but to the LTBH private investor, like us. 6 weeks of 21% return is fun, but otherwise meaningless (unless you've sold). I think one could make the argument that GG principles really just take advantage of "the greater fool"--the true source of inefficiency in the market (discussed on TMF today). In that sense, the proliferation of web-based boards such as this may help the GG by creating more "greater fools"--look at the Yahoo boards, where someone seems to proclaim every stock that rises 10% in a day, or which splits, a "gorilla". So, precision of thought, which this board and the GG/king board tries mightily to do, is to be valued greatly. I have read "TFM"; it represents very clear and insightful thinking about a specific sector, which I hope applies for the next few years (unless these boards make the market too wise and efficient). I admire the savvy, intelligence, and "gaming skills" of the regulars on this and the GG board.
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