Please note: This is a companion version & not the original book. Sample Book Insights: #1 The financial sector has become far too complex to be able to predict short-term fluctuations in stock prices with any accuracy. The prices of common stocks are evanescent and illusory. #2 The extent of this step-up in speculation can be measured by the dollar value of trading volume as a percentage of market capitalization. When I entered the business in 1951, stock turnover was about 15 percent. In recent years, we have traded about 4. 25 trillion shares of stock daily, which is about 2 trillion shares in dollar terms. #3 The increase in stock market trading volume has led to an increase in stock market efficiency, but it has also led to the increase in systemic risk in equities, higher cross-sectional trading volatility, and higher correlations among stocks. #4 The primary market, which is supposed to provide fresh capital to business, has actually done the opposite. The secondary market, which is supposed to provide capital formation, has actually done the biggest damage to the economy.