That suggests in due course there should be healthy returns to be had from good individual stock selection.

The author of this 1973 classic argues against individual stock picks but nevertheless gives four rules for those who go ahead.

At times of irrational exuberance individual stock valuations can become even more absurd.

You would have to pay a broker fee and there may be a spread between the buying and selling price, as with any individual stock.

Participants in the stock market range from small individual stock investors to larger hedge fund traders investors, who can be based anywhere in the world.