More Money Than God: Hedge Funds and the Making of a New Elite

by Sebastian Mallaby

the text of Buffett’s speech, reprinted as “The Superinvestors of Graham-and-Doddsville,” in Hermes, the Columbia Business School Magazine.

Jones said, “Under-or overvaluation is only part of the battle. The key thing is to be able to time one’s entry into a position at the precise moment when the market is about to move in your favor. Markets can stay undervalued, say, for months and years at a time.