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 word speech:
“His speech is a burning fire;
With his lips he travaileth;
In his heart is a blind desire,
In his eyes foreknowledge of death:
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Sows, and he shall not reap;
His life is a watch or a vision
Between a sleep and a sleep.”
—A.C. (Algernon Charles)
“our concern was speech, and speech impelled us
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—T.S. (Thomas Stearns)