Chuzzlewit,
First, I don't think gc (or anybody) wants to enter the challenge, because he figures its a waste of time. And frankly, I agree. Really, want does he gain? Pride??? Just because no one wants enter the challenge does not mean you are correct. Now maybe if there was a substantial prize that would be different.
Second, about academics. Academics claim that the market is unpredicatable. I think we all know this to be untrue. Simple examples are that days before holidays are usually up, fridays are usually up while mondays are usually down. Yet even though historical data suggests this to be the case, most academics still insist that the market is unpredicatable. See, for academics the stock market is one of the few Competitive markets on the face of the earth. Thus, they view the market in sort of equilibrium. This just isn't the case. Now you say my attack on academia is unwarrented? Why? You give no support or counter evidence. The historic data clearly shows that academics are wrong!!
Finally, about these books. The reason why these books are so popular is because the author has a proven record of beating the Street. Irregardless of what the intentions of the author, his record is the ultimate proof that the street can be beaten. Who is going to buy a book from a person who has consistently lost money? Furthermore, why should I trust some academic, who has never invested a cent in his life while people who trade everyday say the market can be beaten. I must also say none of the authors that we have listed are really "traders". There are some excellent books by some excellent traders concerning day trading.
One last note: This market has essentially been going up since 1982. Buying and then holding would not have been a bad strategy, yet past performance does not mean the same future performance. |
