[dalby]

i'm sorry, but i got as far as the first sentence. which is simply false.

it is NOT a zero sum game (trading) unless you are talking futures or options. stocks are not.

he qualifies that with a "in respect to underlying fundamental values" which is a hedge and still WRONG.

stocks are constantly MISPRICED. a good trader/investor can find stocks that are priced low relative to their fundamental value, buy them and sell them higher. there is NOT an equal amount of money lost and won. it is NOT zero sum.

and the idea that people can be rational and equally adept at determining the fundamental is absurd. about as logical as "efficient market hypothesis" which is what i would expect from an academic.