[rockrock]

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The big brokerage houses have "black boxes" generating amazing trading profits (see Goldman blowout quarter for example).

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I thought your arguing about long term investment methodologies... now you refer to GS Quarterly trading results generated by short term trading???

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I am arguing against long term ACTIVE management (i.e. buying a selling individual stocks in an investment portfolio).

The active style will lose because the individual investor doesn't have enough information to win.