The Speech
Columbia Business School arranged celebration of Graham–Dodd's jubilee as a contest between Michael Jensen, a University of Rochester professor and a proponent of efficient market theory, and Buffett, who was known to oppose it. Jensen argued that a simple coin tossing experiment among a large number of investors would generate a few successive winners, and the same happens in real financial markets. Buffett grabbed Jensen's metaphor and started his own speech with the same coin tossing experiment. There was one difference, he noted: somehow, a statistically significant share of the winning minority belongs to the same league. They follow value investing rules set up by Graham and Dodd.
Read more about this topic: The Superinvestors Of Graham-and-Doddsville
Famous quotes containing the words the speech and/or speech:
“The indications are that swearing preceded the development of cursing. That is, expletives, maledictions, exclamations, and imprecations of the immediately explosive or vituperative kind preceded the speechmaking and later rituals involved in the deliberate apportioning of the fate of an enemy. Swearing of the former variety is from the lips only, but the latter is from the heart. Damn it! is not that same as Damn you!”
—Ashley Montagu (b. 1905)
“Good speech need not be behind other’s backs; speech behind other’s backs is not good.”
—Chinese proverb.
“Funest philosophers and ponderers,
Their evocations are the speech of clouds.”
—Wallace Stevens (1879–1955)