[Jack Treynor’s] favorite approach is to tell people about the stocks that look especially attractive to him. If they agree right away that he is on to something, he figures the price of the stock already reflects his idea, and he goes on to something else. But when his friends just don’t get it, he is inspired to study the matter further and, in all likelihood, invest in it.
That is from Peter L. Bernstein’s new and noteworthy Capital Ideas Evolving. This book is a sequel to his earlier Capital Ideas: The Improbably Origins of Modern Wall Street, an account of how financial theory shaped the practice of Wall Street. My main complaint is that ithis book ought to have much more than it does. Although it is not short, it reads like 2/5ths of an excellent book; still I will take what I can get.