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The Money Game by Adam Smith

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8. WHERE THE MONEY IS

Before we go on to such practitioners of market diagnosis as chartists and the random-walk lads, I have to tell you a couple of things in case you think you are learning how to make a million dollars overnight. You may indeed learn this, but if you are that alert you could probably learn a lot from Poor Richard’s Almanac, too.

Really big money is not made in the stock market by outside investors. That may come as a shock to you. You may not even care, since by “really big” I am talking about multiples of millions rather than just, say, one lousy million. It is certainly possible to make ten or twenty times your money as an outside investor in the stock market given enough time, enough intelligence, enough emotional detachment, ...

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