Skillful individual investors exploit market inefficiencies to earn abnormal profits.

The random walk theory does not look right and current index valuations have a strong predictive ability for future long term returns.

This excellent article exemplifies a style of fusion investing, the fusion of business momentum and value.

Three great points; another reason to concentrate on EV instead of market cap, cash is more a risk than an asset and show us the money. Stop hording our cash! Graham recommending putting the dividend payout to a vote each year and management having to justify any capital expenditures. I implemented capital investment management in, gosh at least a dozen companies, and truth be told not one really had a tight grasp of or even a good process for managing their major expenditures.