BusinessQuotes

Jason La Canfora, Utah

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  • As the Canadian fans broke into a roaring, impromptu rendition of their national anthem with one minute remaining in the gold Medal Olympic hockey game today, 50 years of agony and heartache began washing away…It was the first time Canada had won this event since 1952. ‘Everybody in Canada was watching this game with as much passion as we were trying to play with’ Canadian defense men Al MacInnis said. It’s amazing that a sport like this can bring a country together. We’re very proud to be Canadians, and I know there’s probably 28 million Canadians cheering us up there.’

  • — Jason La Canfora, Utah
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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 calcuations of business value - and even thought itself - were of no importance in investment activities. (We are enourmously 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?)

—Warren buffett on efficient markets
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