Robert Peston is an award-winning journalist with 18 years experience in national and international publications .
He is editorial director of Quest (www.csquest.com), an online provider of valuation tools and commentary for fund managers and professional investors.
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You will not be awake earlier than the market.
Most of what you read in newspapers, magazines or on the internet - especially those dedicated to business and investment - has already been discounted by the stock market before you are ready to deal. Or to put it another way, the efficient market theory works 99 percent of the time.
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One percent of media coverage is pure gold, but which one percent?
There are opportunities to make quick profits if you can identify a golden 1 percent of stonkingly good price sensitive information that the market has missed. But ask yourself this - if the market has missed that 1 percent, why should you do any better? You could of course join the ranks of insomniac, unwashed disciples of internet bulletin boards , but is that any way to live?
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The good stuff is really dull.
The most valuable price sensitive information is to be found where you least expect. Look out for apparently dull comments on business issues from politicians or regulators. These could presage price sensitive changes in the regulatory environment. Or scour the apparently tedious industry supplements of newspapers like the FT. Frequently these contain fresh information on a company's trading performance or sector trends.
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Sell all columnists for short term gains.
Investment commentary in newspapers is particularly useless as a source of advice on how to make short term capital gains. If the writer has spotted a share price anomaly, the market will have corrected it by the time you finish the column.
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Buy columnists for long term advice.
The media can help you with your long term investment decisions. Perceptive columnists can help you to identify the better quality companies to be bought and held for a period of years.
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Socialism rules.
Don't assume that the most avowedly right wing, free market newspapers have the best business coverage. In the UK, the left-of- centre Guardian, for example, has recently had a run of market-moving scoops.
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Strange but true.
In spite of their reputation, 99 percent of the supposedly speculative stories in Sunday newspapers is true. However once again you have the 1 percent problem. How can you be sure which ones are the stinkers?
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Silence speaks volumes .
If there is no statement of denial from a company within 24 hours of a speculative story, chances are that it is true.
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The company declined to comment.
If a story contains the phrase "the company declined to comment", it normally means precisely the opposite . In most cases, the company has commented and confirmed a story, but does not wish to be on the record.
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Irrational exuberance.
Ignore almost all bullish comment in newspapers about takeovers, especially hostile ones. Most of these deals destroy value, though you will not hear this from hacks, because writing about these life-or-death contests is too much fun.
