Technical Analysis- A financial sucide!!!!!!

I come across an article about technical analysis, here writer of the article discusses his personal view on technical analysis. I agry with his view due to one crucial reason no technical analyst on the forbes 400 list (rich person) ..........simple na........plz post your comment what do you think.......

Chris Rowe calls it the Squiggly-Line Theory. Most people refer to it as basic "Technical Analysis" - the art of looking at a chart or two and deciding whether or not to buy a stock.It seems that almost every investor, whether professional or not, starts investing by using technical analysis. I'm no different: I spent the first two years of my career trying to predict the direction of stock prices by reading charts.It’s clear now in hindsight to see why I, as most others, start that way: learning technical analysis is easy. In fact, that's why most people get into it. I can’t tell you how many new investors I've met in my career who are fascinated by the visual appeal of a graph with squiggly lines and arrows.And when you see how much you could have made had you bought at one of the past “buy points” on the chart then it almost seems foolproof. Who in their right mind wouldn’t want to make what looks like easy money by reading something as simple as a chart? But lets look at the cold hard facts. Investing is about making money. And the way investors "keep score" is by how much money they make investing. Thus it was disturbing when, two years into it my career, I realized that there isn’t one technical stock analyst on the Forbes 400 list. Not one. I know it';s hard to believe, but it's true: even William O'Neil, owner of Investors Business Daily and the biggest proponent of the craft, is nowhere to be found. Neither are any of his most famous "students" that he mentions in his book.Perhaps even more disturbing when you really think about it, is that technical analysts propose using pricing and volume to determine whether you should buy a stock. If a stock breaks out to a higher price on heavy volume, it often means that you should purchase it. If a stock drops in price. it means you should sell it. This is the height of absurdity to me. Let me explain. When you purchase stock you are buying shares of an actual business not a floating piece of paper. And technical analysts believe it is better to buy a piece of a business at a higher price than it is at a lower price!Imagine you took that approach to buying a new house or a car or a watch.Would you run out a buy a new home just because its price was 20% higher today than it was yesterday? Would you avoid your dream home just because its price was 20% lower today than it was yesterday?No wonder they're not on the Forbes 400 list: the art of financial suicide doesn’t pay over the long-term. I prefer to buy my assets cheap.