In conclusion, some of the more commercially minded among you may wonder why I am writing this article. Adding many converts to the value approach will perforce narrow the spreads between price and value. I can only tell you that the secret has been out for 50 years, ever since Ben Graham and Dave Dodd wrote Security Analysis, yet I have seen no trend toward value investing in the 35 years that I’ve practiced it. There seems to be some perverse human characteristic that likes to make easy things difficult. The academic world, if anything, has actually backed away from the teaching of value investing over the last 30 years. It’s likely to continue that way. Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham & Dodd will continue to prosper. (Columbia Business Warren Buffett May 17, 1984)
總之，你們中一些更有商業頭腦的人可能想知道我為什麼要寫這篇文章。增加更多價值方法的皈依者將必然縮小價格和價值之間的價差。我只能告訴你，自從葛拉漢與多德撰寫《證券分析》以來，這個秘密已經被人知道了50 年，但在我實踐價值投資的35 年裡，我並沒有看到價值投資的趨勢。人類似乎有某種乖僻的特性，喜歡把簡單的事情變的困難。如果說學術界有什麼改變的話，那就是在過去 30 年裡，學術界其實已經放棄了價值投資的教學。這種情況很可能會持續下去。船舶將在世界各地航行，但地平說學會仍將蓬勃發展。市場上的價格和價值之間將繼續存在巨大差異，而那些價值投資的追隨者將繼續興旺。 (巴菲特1984年5月17日發表在Columbia Business的文章結語)