Nuggets of Investing Wisdom

Nuggets of Investing Wisdom

A website for serious investors in common stocks – Read by investors in over 150 countries around the world

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random walk

Random Walk fallacy in investing

  • by Rodney Smith
  • Posted on August 12, 2025August 12, 2025
  • Part 1: The Field of Play

The defining feature of randomness of a series of data is that each data event be independent from all other data events in the series.

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My thoughts on second edition of The Four Pillars of Investing by William Bernstein

  • by Rodney Smith
  • Posted on July 30, 2023July 30, 2023
  • Part 4: Principles of Operation

We think the very term ‘value investing’ is redundant. What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid?

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Random walks and butterfly effects on Wall Street

  • by Rodney Smith
  • Posted on March 6, 2022March 6, 2022
  • Part 1: The Field of Play

Movies goers will report liking a movie more when they hear beforehand how good it is

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