From Berkshire’s Chairman’s Letter circa 1996:
“To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses “How to Value a Business” and “How to Think About Market Prices.”
Once you follow that bit of wisdom, you can start in on the derivatives racket too. Warren Buffett is one fantastic success story, but he is also a manipulative talking head with words flowing that don’t match his actions.