I should have read this book long time ago. it promotes index fund invrsting and other sensible investing mentality.
This book may be a classic - but I can't help skipping pages and chapters as the theme can be summarized by two points
1) It is difficult to beat the index as we are now facing a losers' game. So, embrace the index
2) excluding the best 10 days in 20 years could reduce your cumulative annual return by 2-3 %. So Buy and Hold.
Added on 12/1/2009
A retrospective view on 2) What this book does not mention is that excluding the 10 worst days could also improve your cumulative return by a few %!