This narrative explains why there can be no "winning strategy" in equities investment (apart from investing in an index fund). The widely followed analysts who

This narrative explains why there can be no "winning strategy" in equities investment (apart from investing in an index fund). The widely followed analysts who recommend selling TSLA shares based on what they expect to happen, make their prediction come true by speaking publicly (an "announcement effect") -- compare the rate of change in the stock price when the "experts" aren't offering their advice to the public. It also builds the reputation of the analysts -- the more correct calls they make, the more wise they seem. The more wise they seem, the more the public follows their advice. The more the public follows their advice, the more "correct" calls they seem to have made. The real winners are those who make their moves the day before the experts speak, which is why insider trading is illegal. http://arachnoid.com/equities_myths/ http://arachnoid.com/equities_myths/