some thoughts on hft and naked selling, page-5

No argument here! Posted so others can get to know the market, then use it to your advantage.

Not many realise the equity market is a secondary market that is the throwoffs of private equity - it has been highly cyclic since well before 1900's, and computer analysis just makes it obvious. It has been gamed since inception back in Amsterdam in the 17th century.

However, others including the likes of Buffet show you what can be done if you are prepared to be an active manager.

If the media has you convinced this is a gentleman's sport, then my suggestion if you read more documents like the above. Stop listening to the likes of Kocke et al, and make up your own minds.

Be an informed critic.