Can you make a profit mining with CPU/GPU?
No you are not missing anything. CPU mining has been unprofitable since 2011, GPU mining just slightly later. 

Today, ASICs rule mining. The Bitcoin network has more than 300 Phash/s by now, that is 300,000,000,000 Mhash/s.

The upcoming ASIC miner generation is announced to provide more than 9,000 Mhash/s per Dollar. Times for GPU/CPU mining are long gone.

The situation is largely the same for Litecoin with a slight delay.

Also see: Why does mining profitability tend towards zero?

There might be some altcoins that can still profitably CPU/GPU mined and traded for Bitcoin thereafter, but I am not sure even they are worth when you factor in time investment.