For years, my fav blogger was Eric Falkenstein, from Minneapolis, but lately, he stopped writing. One paragraph about the art of investment, not that I understand him fully:
While I agree with most people that many investors are ignorant and susceptible to biases, these suboptimal decision-makers are a poor explanation for equilibrium asset prices; their bad decision-making is mainly evinced by excessive trading. It doesn't take many smart traders to figure out that if they steel themselves against those risky-stock promoters they can make large risk-adjusted returns. It's not complicated, you don't have to tie yourself against a mast like Odysseus, just don't listen to conference calls or watch CNBC, and instead just crunch datasets where all you know about ABC corp are its objective metrics. Then buy the wallflower stocks and sell the crazy/hot ones. Arbitrageurs should counteract behavior biases in asset markets with free entry.
He thinks that the investor's main motivator is envy and not greed.
