巴菲特致股东的信原文精读Day215：

巴神原文：Yet proponents of the theory have never seemed interested in discordant evidence of this type. True, they don’t talk quite as much about their theory today as they used to. But no one, to my knowledge, has ever said he was wrong, no matter how many thousands of students he has sent forth misinstructed. EMT, moreover, continues to be an integral part of the investment curriculum at major business schools. Apparently, a reluctance to recant, and thereby to demystify the priesthood, is not limited to theologians.

Naturally the disservice done students and gullible investment professionals who have swallowed EMT has been an extraordinary service to us and other followers of Graham. In any sort of a contest—financial, mental, or physical—it’s an enormous advantage to have opponents who have been taught that it’s useless to even try. From a selfish point of view, Grahamites should probably endow chairs to ensure the perpetual teaching of EMT.

英文释义：1.“proponents”意为“支持者”；“discordant”意为“不一致的”；

2.“misinstructed”意为“错误指示”；

3.“integral”意为“不可或缺的”；

4.“recant”意为“公开认错”；“demystify”意为“深入浅出地解释”；“priesthood”意为“神职人员”；“theologians”意为“神学家”；

5.“disservice”意为“损害”；“gullible”意为“轻信的”；

6.“perpetual”意为“永恒的”。

投资解读：然而，有效市场理论的支持者似乎从未对这类不一致的证据感兴趣。诚然，他们今天不再像过去那样大肆谈论他们的理论了。但据我所知，从无一人承认自己错了，无论他曾误导过多少学生。此外，有效市场理论仍然是各大商学院投资课程中不可或缺的板块。显然，不愿意公开认错，从而揭开神职人员的神秘面纱，并不局限于神学家。

自然而然，对我们和格雷厄姆的其他追随者来说，轻信有效市场理论的学生和投资专业人士为我们提供了一种非同寻常的便利。在任何形式的比赛中，无论是经济上、心理上还是身体上，如果你的对手被教育说“思考无用”，这将是一个巨大的优势。从自私的角度来看，格雷厄姆这一派可能应该捐赠大学的教授讲席，以资有效市场理论的永久教学。

手抄原文：

大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。今天的内容，巴菲特指出，在美国目前的高校体系，有效市场理论仍然大行其道。从自私的角度出发，越是如此，对真正的价值投资者就越是有利。