Damals:

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the symbols. Our advice: Beware of geeks bearing formulas. – Warren Buffett

Heute:

Investors should be skeptical of value-based buy-and-hold schemes. Constructed by a sensible-sounding coterie of old timers using familiar Dodd and Graham terms such as “quality franchise”, “attractive price”, “cherry coke”, and “cheeseburger”, this strategy tends to sound appealing, if not downright tasty. Too often though, investors forget to examine the reality of the situation—that corporate visibility is at an all time low under Reg FD, and that none of us lives forever. Our advice: Beware of avuncular oracles who encourage catching a falling knife on the theory that there is always time to grow another hand. – The Moose