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
有些人读一遍就懂了,有些人读一千遍也不会懂。
股市的一个有趣的特点是,专业人士没有竞争优势,所以非专业人士可以很轻松的战胜专业人士(因为专业人士的成本是很高的,足以影响到投资结果)。