Popularity is fleeting. For some, it only lasts the proverbial “15 minutes”. For others, it drags on longer than any rational person can comprehend.
We see this in people and things. It explains why fads come and go. It eventually ends because there are not enough new eyeballs to replace the ones that lose interest or something newer and shinier comes along to draw our attention away.
Ben Graham noticed this popularity effect on stocks and briefly covered it in The Intelligent Investor: Continue Reading…
There’s always something to learn from Warren Buffett’s annual letters. He’s built a library of successes, failures, and accumulated knowledge from almost four decades of letters, which you can borrow from at any time. And, frankly, you can’t beat the price of free.