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Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Night
Propositions
Always
Observing
Frequently
Efficient
Market
Difference
Incorrectly
Differences
Adherents
Went
Conclude

More quotes by Warren Buffett

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I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.
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I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.
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Growth and value investing are joined at the hip.
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Never risk what you have and need for what we don't have and don't need.
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I think any time you couple the term Wall Street with bailout or something like that, you know - I don't like what's going on in Wall Street.
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Wild swings in share prices have more to do with the lemming- like behaviour of institutional investors than with the aggregate returns of the company they own.
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A single year's performance is of minor importance and, good or bad, should never be taken seriously.
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People will always try to stop you from doing the right thing if it is unconventional.
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Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
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Writing a check separates a commitment from a conversation.
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If you don't find a way to make money while you sleep, you will work until you die.
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It's just that right now the athlete's on the floor. But we - this is a super athlete.
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While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.
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If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.
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Working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich.
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If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.
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The thing to do is to keep your mind when the world around you is losing theirs.
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I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.
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I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.
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You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.
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