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Good morning. My name is Joe Lacey. I'm from Austin, Texas. Um , in this day and age, when finance departments in higher education institutions call you an anomaly for preaching the efficient market hypothesis, which states that the market cannot be beaten. Where can you find a mentor like you found in Ben Graham, someone you could ask questions about value investing?
As far as I know, the University of Florida has introduced several courses to which Mason Hawkins has allocated a significant amount of funds, and I believe that they teach something different than efficient markets. I know that Columbia University has a very good course where guest lecturers often come.
I sometimes teach there too , as do many other practitioners. So I think that efficient market theory is not as dogmatically accepted now as it was 15 or 20 years ago in universities, although it is still widely taught. But I think you can find more diversity now than you could 10 or 20 years ago. And I would advise you to take a closer look at these two educational institutions.
This is really very useful. If you had a trucking business , and all of your competitors believed that the Earth was flat, that would be a huge advantage because they wouldn't be willing to haul any cargo to places where they thought they might fall off the edge. Therefore, we should encourage the teaching of efficient market theories in universities.
And this surprises me. You know, I think it was Keynes who said that most economists are extremely parsimonious in their ideas: they try to stretch what they learned in graduate school over their entire lives. And here's what happens : you spend years getting a PhD in finance, studying theories with a ton of math that the average person can't handle, and you become a kind of high priest, investing a huge part of your personality, ego, and even professional security in these ideas; and it becomes very difficult to step back from them after a certain point, and I think that has poisoned the teaching of investing in universities to some extent.
Charlie, well, I would say this poisoning was massive, but it's subsiding. Yes, it is weakening. This will pass. Good ideas win in the end. Yes. Anom, the word anomaly, I always found it interesting because it, you know, at a certain point in time, Columbus was an anomaly. But it means something that academics could not explain, and instead of revising their theories, they simply dismissed any such evidence as anomalous.
And I believe that when you find information that contradicts your long-held beliefs, you have a special responsibility to consider it, and to do so quickly. I think Charlie was telling me that one of the things Darwin did was that when he found something that contradicted his previous beliefs, he knew he had to write it down immediately, because he felt that the human mind was so hardwired to reject contradictory evidence that if he didn't write it down in black and white very quickly, his mind would just push it out of his memory.
Charlie knows more about Darwin than I do. Maybe you can explain that. Well, I don't know about Darwin, but I thought it was funny. One of these proponents of the highly efficient market theory has for many years attributed Warren's success to a lucky anomaly. And he got to six sigma, six standard deviations of luck.
And then people started laughing at him because six sigma luck was too much. So he changed his theory. Now Warren has six or seven sigma skills. So you see, I'd rather have six sigma luck. In fact, the only thing he couldn't part with was his Six Sigma.
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