According to financial press reports, the internet stock message boards can move stock markets. This study used about two hundred thousand messages concerning 46 companies in KOSPI (Korea Composite Stock Price Index) from Naver Finance which is the most popular Korean Internet stock message board (finance.naver.com). We found that investment opinions in the Internet stock message board can explain the stock return. Collective investment opinion is measured to analyze correlation with stock market. Entire stock market and industries had a positive significant correlation with collective investment opinion, while individual stocks did not have a significant correlation with collective investment opinion.