Yes, exactly. My point was just that anecdotally, literally no-one I know who has attempted "day trading" style investing has made good money from it over the long term. In contrast, the one person I know who has attempted "value" style investing and done it seriously actually has made quite good money from it consistently. This is in line with the article's conclusions, but in another context: it looks like an individual trying to day-trade in today's markets is probably setting up to fail.