I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. This was a rewarding activity, say 40 years ago, when Graham and Dodd was first published; but the situation has changed. … [Today] I doubt whether such extensive efforts will generate sufficiently superior selections to justify their cost…I’m on the “efficient market” school of thought. -Benjamin Graham (1976)
The Intelligent Investor by Benjamin Graham