An investor cannot obtain superior profits from stocks by simply committing to a specific investment category or style. He can earn them only by carefully evaluating facts and continuously exercising discipline. Investing in arbitrage situations, per se, is no better a strategy than selecting a portfolio by throwing darts.
Buffet crushes the idea of Efficient Market Theory. Markets are efficient most of the time, not ALL the time. Investors will only obtain these superior profits if they research and carefully evaluate facts.
This method will always be better than throwing darts at a board to select stocks or simply not doing anything at all.
