The document discusses and criticizes four common investment strategies - momentum investing, mean reversion, martingales, and value investing. It argues that none of these strategies provide a reliable basis for building long-term portfolio wealth as they make unrealistic assumptions about market behavior. While there may be short-term momentum or mean reversion effects, markets are complex systems influenced by unpredictable external events. The document then promotes an alternative investment approach of only investing in "likeable" stocks that have historically tended to gain in value around 67% of the time and avoiding attempts to time the market. It claims this approach has achieved a 29% average annual return.