Canonical · Macro & Investing · Essay
The Superinvestors of Graham-and-Doddsville
Warren Buffett · 1984
"The concentrated success of value investors from a shared intellectual 'village' refutes efficient markets."
In a famous 1984 speech, Warren Buffett debunked the Efficient Market Hypothesis (EMH). He showed that a group of successful investors who all beat the market didn't do it by pure luck; they all shared the same value investing framework taught by Benjamin Graham.
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