http://www.jamesaltucher.com/2012/03/who-makes-money-on-wall-street/ After several books on swing trading Altucher says no one can make money.
Funny thing is he is still trying to sell his books. The same books whose techniques he now says don't work. Look at his "books" tab.
His list forgets to mention snake oil vendors, guys who sell seminars/books/courses/systems/alert services etc. He is one of those himself. The guys selling the shovels always make money.. the traders who are digging for the gold rarely make anything.
He 's a complete loser at trading, he doesn't have more expertise than the typical journalist who whine about HFTs, but he says something true about what 's wrong in today's fund managing business. John Paulson has become a billionaire with fees while losing money in absolute terms.
He claims to have sold a company for $10M, I think it was stockpickr. If true, it is bettern than trading for a few ticks.
He's a more articulate version of that idiot (and his 100+ sock puppets) that has been banned multiple times.
I think he's swinging his own nuts because he knows Cohen. Of the few posts I've read of him, each seems to mention his relationship w/ SAC.