Biderman holds the perspective that the stock market is a casino. In this casino, he sees the companies and funds as the house and the retail investors as the players. Similar to the real casinos, the players always lose to the house over the long run. The following is how he briefly describes his observations about the interaction between the house and the players during a stock market crash.

During a stock market bubble, investors practically clamor to buy stocks. At the same time as individuals and foreigners were pumping over $500 billion into U.S. stocks between November 1999 and August 2000, public companies and the insiders who run them were net sellers of $150 billion of new shares, net of cash takeovers and stock buybacks. Between June 2002 and March 2003, while individuals were heavy net sellers, public companies were net buyers of more than $50 billion of ...