The main aim of stock picking is to find the market-beating stocks. We wouldn't blame long term Sports Toto Berhad shareholders for doubting their decision to hold, with the stock down 40% over a half decade. In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. It is important to consider the total shareholder return, as well as the share price return, for any given