"The most arrogant thing an investor can do is to stock-pick," was the title of an article by MarketWatch which suggested that purchasing any one stock implies the price is too low and every other person on the face of the planet thinks otherwise. According to the efficient market hypothesis, all available information should already be priced into any given stock, and it's only additional information - bad or good - that makes the stock price move up or down. Then you have Warren Buffet claiming that it's "hard to argue that the market always prices rationally. In fact, market prices are frequently nonsensical."
Maybe the arrogance of stock-picking is ignoring that fact that there are thousands of professionals out there whose job it is to stock pick and 80% of them get it wrong. So don't think spending a Saturday afternoon reading a few articles about a stock, and then deciding to invest in it, will somehow put you at an advantage to the rest of the stock-pickers out there. Tha