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 Market allegory may seem out-of-date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 Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas.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]

Keep playing

"The important thing is to keep playing, to play against weak opponents and to play for big stakes"

[Warren Buffett talking with students at Gaston Hall in November 2002]

Wall Street's Advice

"Wall Street is the only place that people ride in a Rolls-Royce to get advice from those who take the subway."

(Los Angeles Times Magazine, April 7, 1991)