Just as people might get lucky at roulette, a novice investor might pick a wonder stock, but the odds are against them. These books could help
would like to find an easy way to get rich, just as they might want a quick way to get thin, or play a musical instrument. But it is a mistake for novice investors to assume that they can find instant success in achieving high returns when professionals, armed with extensive research and sophisticated technology, struggle to do so. Of course, just as people might get lucky at roulette, they might pick a wonder stock, but the odds are against them.
Accordingly, some of his methods for finding bargains are difficult to apply today when stocks are more expensively valued. But his principles remain sound. Much depends on the price paid for stocks, so beware of fashionable industries. As he notes “obvious prospects for physical growth in a business do not translate into obvious prospects for investors” whereas “a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity”.
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