[judgesmails]

I agree with Malkiel on his statement but I don't totally buy into the random walk theory.

Nor do I believe that Schwartz has produced "enormous percentage gains every year since 1979." That is simply impossible in literal terms.

John Allen Paulos does a great job of laying out many market theory's in his book "A Mathematician Plays the Stock Market." One point that he makes that I have really carried with me since reading it is that many market "gurus" like Buffett, Peter Lynch, or John Neff have an effect on the market and their stock choices can become self-fulfilling after a short-term period of success. That is, the market will follow them and prop up their moves.

I sincerely doubt there are many individual traders out there with a 10 year record of beating market performance by ten percent.