A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

by Burton G. Malkiel

The firm-foundation theory argues that each investment instrument, be it a common stock or a piece of real estate, has a firm anchor of something called intrinsic value, which can be determined by careful analysis of present conditions and future prospects.

(A thing is worth only what someone else will pay for it.)

The public found it fashionable to bet on the jockey rather than the horse.

How did these jockeys do it? They concentrated the portfolio in dynamic stocks, which had a good story to tell, and at the first sign of an even better story, they would quickly switch.

stupidity well packaged can sound like wisdom.