Thats it, that all you got? Nobody in the world can beat the market b/c of spread friction..which btw, has decreased dramatically....and I mean like 90%, due to the advent of computerized trading in most every market.
Sure, many people try to trade stocks and get their info from Money Magazine, Kiplingers, Cramer, etc. Most of them fail.
Others have studied valuation, trading, accounting, math etc for years and years, and continue to learn. Just like in any field, many of those with the correct training experience, inherent knack for the field, do well. Some arent made for it.
But thats the exact same for almost any profession.
The studies you refer to pick your average shmo, who's biggest stock trading education is watcing Cramer and Fox Business on Saturday...using those tips, plus a few from Kiplingers and the newlsletter of their choice...and try to make a living from that. They fail. Just like if I started watching 'this old house' and 'The Country Craftsman' on TV, read a bunch of hobby furniture magazines, bought a furniture tool kit at home depot, and then tried to become a custom furniture maker.....I probably would lose money.
If you do a study evaluating by giving random people wood and tools and then see whether they can make money making furniture, it'll come back saying noone can make money making furniture. Same with trading stocks.
