david, I am not trying to pick a fight with you, but check your facts: Livermore made his fortune PRIOR to the 1929 stock market top and then lost it all during the 1929-1932 bear market, that's why he died broke - and, actually, he committed suicide in a wash room in a New York hotel (shotgun I think).
Re. Russell, I am not dissing him, but just because someone is "one of the most respected financial newsletter editor" does not mean he is always right - Prechter is also "one of the most respected financial newsletter editor", and I have never seen such a biased analyst in my life, and he actual track record is abysmal.
and Russell is clearly wrong on this point - and also note that you wrote that Russell is "one of the most respected financial newsletter editor" , and not that Russell is "one of the most respected TRADERS"
and stock market IS a zero-sum trading, despite what the "fools" say because the money CANNOT magically appear in the market nor can it disappear into thin air - think it about it long and hard and you will see it.
AND the stock market is certainly NOT a "wealth creator" as the "fools" incorrectly state, it's simply a gigantic "pooled" bank account that grows when people are feeling overall bullish and hence are pouring money into it, and declines when people feel bearish and pull money out of it.
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