Whether concerning an individual stock, or the market as a whole, always ask yourself which would be more of a surprise: good news or bad news. News that is expected never has as much impact — if any at all — as news that is not. — Andrew Tobias

Tobias’s book, The Only Investment Guide You’ll Ever Need, warned readers against elaborate strategies and complicated investments and was sceptical about brokerage advice and other come-ons that appear to be unbiased but often are not...