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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
在股市投資中,更聰明,更勤奮未必有更好的結果。長期的投資過程中,最重要的是如何理解,執行和遵守投資常識,在這一方麵,普通人完全可以做好。
很少有一種行業,專業相對於業餘的沒有任何確定的領先優勢,這是一種幸運。