Re: Why are value investor types so rigidly opposed to TA?
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Why are those types so ready to dismiss TA as worthless?
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because they are poor value investors and have a strong need to validate themselves.
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Neither of this applies to Buffett or dozens of value managers with multi-decade records of beating the market. These guys don't use TA, and don't need any more validation. Whether TA works or not, they'll tell you they never needed it.
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i don't consider buffett et al "those types" - and (correct me if i'm wrong) i don't think buffett would claim that TA is worthless to everyone.
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I'm pretty sure Buffett would tell you its worthless to him, that he doesnt think it has predictive value. But I don't think he would be presumptuous as to say something can't work for everyone.
And the problem with big successful funds like Renaissance is that no one really knows what they do. There are many trading strategies such as statistical arbitrage, pairs trading, other arbitrages, etc that have little to do with TA as most people define it, but they are quick to include the successful practitioners as evidence of TA's success.
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