[David Sklansky]

I believe in arbitrage, in buying and selling the same thing on different exchanges when it's priced differently. I believe in merger arbitrage. I believe in options trading, when options are mispriced based on reasonable expections for the stocks future volatility.

"But I don't believe in day trading, or charting, or momentum investing. I don't believe anyone can consistantly predict price movements accurately enough to make money off of them.

And I believe that Jeff Yass is really a closet value investor, and not a trader at all. I believe this because I think he makes money in options arbitraging value and price."

It is my understanding that for the most part you are right. Except maybe for market inefficiency right after significant mews. If you think I implied otherwise, I apologize.