Why Warren Buffett Plays Bridge

In 1984, Warren Buffett gave a talk at the Columbia Business School in honor of his mentor, Ben Graham. He began by relating the academic argument that investors having long-term records of outperforming the market really owe their success to randomness. Buffett responded by describing a hypothetical coin-flipping contest, where each participant flips a coin each day for 20 days, and those who come up with all heads are declared winners...more


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