I'm a new member. I deal at the National Stock Exchange Bombay(INDIA).
It was interesting to read the bit about market efficiency. I know from my experience that the stocks we pick at a particular time of the day or whatever(week/month) are all to be considered a judgement based on our knowledge at that particular time. You also have to review every now and then(daily/weekly/monthly) whether to hold on or sell.People who complain of not making a profit are lazy and do not review their portfolio.
If you were rafting down a river fast would you go to sleep even for a second? That's how you have to be in the stock market.AWAKE! Naturally the person who makes money in the stock market is capable of hanging on inspite of the deluge of information that hits him everyday.
Regarding a bubble that will burst lots of people have been proved wrong about the US market (from dow 5000 to 10000).It's like the Indian monsoon.You know it's raining heavily but can anyone predict how long it will rainone day,two,three or fifteen? Better to carry an umbrella with you.Get it?