Yeah, I’ve read those, and more (just finishing Traders, Guns, and Money). Now I’m convinced that at least in the short-term the markets are basically rigged. The individual investor has no chance going up against the big guys. Sure, LTCM exploded, but I doubt they ever had to cut back on their hookers and blow. It’s everyone else who pays the cost. I do statistical pattern analysis for a living, and even so, I buy and hold index funds. I can make more money analyzing time series in other domains as a consultant than I could screwing around trying to predict the market.
