In an age of day-trading and instant notifications, Parag Parikh’s most counter-intuitive insight was this:
Imagine you own a small business. Every day, your partner, Mr. Market, shows up with an offer to buy your share or sell you his. Some days he is manically depressed—he quotes a ridiculously low price. Other days he is euphoric—he quotes a sky-high price. In an age of day-trading and instant notifications,