Way back in eighth grade, my history teacher, Max Pofcher, called me an iconoclast. And Mr. Pofcher was right. Being an iconoclast—or at least a nonconformist—has paid dividends in my life, not least by allowing me to see the stock market in ways different from the average investor. And when you can act contrary to the herd, you can make a lot of money! So, without further preamble, I present Five Wrong Ideas, otherwise known as five things most people believe that I don’t.