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You don't need a bias to accidentally make money when the market is overall moving up, do you? Picking stocks by throwing darts while blindfolded will, on average, make you money in a market that's moving up.


The problem is he was also selling short. If you pick stocks randomly and randomly pick to buy or sell you shouldn't make money, ever.


You're right, if you're randomly and without bias including short selling then you'd expect to neither make nor lose money, aside from transaction fees.




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