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| Wall Street Expert Taking the SubwayAdvising Rich Man Coming in a Rolls-Royce |
"Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway"
Warren Buffett
How true!
Warren Buffett, Berkshire Hathaway, wants to highlight this ridiculous but true reality. Indeed Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.
Warren Buffett's contention is that if these people truly had valuable investment advice to offer they will be employing it first to enrich themselves and would not be taking the subway.
Buffett intends no insult to stockbrokers nor is he against using the subway, but is advising the investors to take the advice of so called experts with a pinch of salt.
Value-investors who have read "The Intelligent Investor" by Benjamin Graham and following in the footsteps of legendary value-investors like Walter Schloss, Charles Munger, Warren Buffett, of Berkshire Hathaway, do not require the tips and advice of stockbrokers to obtain significant investment success.