"Observing that the market was FREQUENTLY efficient,..." - Quote by Warren Buffett
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.
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“I don't want to give a lecture to this body that's out there. You know, I mean, having had the heart attack, I want to get it back functioning. And as a practical matter, I mean if you were Bear Stearns, and you were a shareholder, you know, you lost 90 to 95 percent of your money. A good many lost their jobs. They lost very cushy lives, many of them.”
“Bad terminology is the enemy of good thinking.”
“Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.”
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“Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.”
“Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.”
“Do not take yearly results too seriously. Instead, focus on four or five-year averages.”
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“Be reactionary. React to what the market wants. And the market wants one-on-one real time engagement. Now that we have the tools to engage, I'm going to continue fighting for the end user.”
“Publishers are looking for blockbusters - all the world loves a megaseller.”
“I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.”