Though the path has not been smooth, our economic system has worked extraordinarily well over time. It has unleashed human potential as no other syst… - Warren Buffett

It's class warfare. My class is winning, but they shouldn't be.

Despite our policy of candor, we will discuss our activities in marketable securities only to the extent legally required. Good investment ideas are rare, valuable and subject to competitive appropriation just as good product or business acquisition ideas are.

Most institutional investors in the early 1970s, on the other hand, regarded business value as of only minor relevance when they were deciding the prices at which they would buy or sell. This now seems hard to believe. However, these institutions were then under the spell of academics at prestigious business schools who were preaching a newly-fashioned theory: the stock market was totally efficient, and therefore calculations of business value — and even thought, itself — were of no importance in investment activities. (We are enormously indebted to those academics: what could be more advantageous in an intellectual contest — whether it be bridge, chess, or stock selection than to have opponents who have been taught that thinking is a waste of energy?)