Many inexperienced investors somehow think the market today is very different. Some maintain it is more volatile. Others believe because it is dominated by institutions, many of the old methods don’t work anymore.
Still others feel that with so much information available, everything is known and already discounted in the price of stocks. Stocks, as a result, are efficient, they feel, so attempts at stock selection are destined to fail.
However, my experience is that precious little has changed. The same old things happen in the market, cycle after cycle; it’s just that the players are different.
– William O’Neil, How to Make Money in Stocks
