Sunday, September 28, 2008

Benjamin Graham's Mr. Market allegory may seem out-of-date

"Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'? "

[Warren Buffett in Berkshire Hathaway's 1987 Annual Report]

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