My main takeaway is the concept of scuttlebutt (or water-cooler talk). Usually the advice goes that when someone gives you a stock tip there is a high chance that stock is already overvalued and ripe for a pull back. I see it more as a mood gauge for the overall market and can avoid hot sectors or monitor for short term positions on major pull back days. I also like to take note of popular companies and revisit them after the crazy has died down. This is why I started watching Mad Money and reading articles on Seeking Alpha daily.
Parsley Energy (PE) and Rite Aid (RAD) are two speculative stocks I picked up using this logic. Right now there is a gold rush for natural gas in US shale and everyone is throwing money at the large companies like Pioneer and EOG. Instead of buying into companies with years of growth priced in I chose the small Parsley Energy that operates in the same region and could grow or be acquired. Rite Aid was purchased because it's a popular turnaround play that dropped significantly from reduced guidance that chased away unrealistic investors expecting a price pop. If it regains irrational price momentum then I would benefit heavily but if not I still purchased at a discount and can benefit from the company's intended turnaround plan.