Once, at a lecture, he was asked if Wall Street professionals were better at forecasting what would happen to market, and if not, then why, and here's what he said:
"Well, we’ve been following that same question for a generation or more, and I must say frankly that our studies indicate that you have your choice between tossing coins and taking the consensus of expert opinion and the result is just about the same in each case.
Everybody in Wall St. is so smart that their brilliance offsets each other. And that whatever they know is already reflected in the level of stock prices for the much, and consequently what happens in the future represents what they don’t know." - Benjamin Graham
在股市投资中，更聪明，更勤奋未必有更好的结果。长期的投资过程中，最重要的是如何理解，执行和遵守投资常识，在这一方面，普通人完全可以做得与专业的一样好。
很少有一种行业，专业相对于业余的没有任何确定的领先优势，这是普通投资者的幸运。
