Yes, the markets have changed somewhat since either of those...

Yes, the markets have changed somewhat since either of those books were written, and the Australian markets are also different in some respects to the US markets.
Personally, I mostly just lump all of the bigger fella's in the markets as professionals, no matter what their job or position is, and the rest as retailers, that way it is kept much more simple.. There will be professionals involved in most of the larger more liquid stocks to one degree or another, but are very unlikely to be regularly involved in all stocks at all times. I expect that many of the small and micro cap stocks have little or no professional involvement at all (or perhaps only rarely on announcements etc), so in that respect take what is written with a pinch of salt.