I totally agree that Buffett is not a one trick pony. He’s a charming man but he’s also a very shrewed one. And there’s absolutely nothing wrong with that. I just think that the moat and buy and hold forever strategy has been played out as a feel good story for us mortals.

Obviously Buffett has many other investment vehicles such as junk bonds or his foray into foreign exchange market in 2002.

I could go with the EMT but I just feel as though there are so many layers of investing I don’t know about. And I think part of the fun in the journey is finding out

I also found Chapters 15 and 21 in James Pardoe’s book “How Buffett Does It”, to be particularly relevant in this regard.

Here’s an extract from the writings of someone else who had his own views on Company Analysis, EMT and ‘Random Walks’ ….

“Many books have been written stressing the random nature of the price movements of shares listed on Stock Exchanges. Many Master degrees in commerce have been awarded to proponents of what is termed the ‘Random Walk Movement’.

I differ fundamentally with these people. I maintain that the Stock Exchange should never be viewed as a whole. There are hundreds of different companies listed on Stock Exchanges. For very good quantitative mathematical reasons, the shares of some will definitely rise in price, and others, for equally good mathematical reasons, will definitely fall in price in the forthcoming year.

The first requirement of the successful investor is that he/she be capable of distinguishing between these two very different categories of shares. To accomplish this end I formulated the approach which proposes several criteria with which a share, considered for purchase, should comply. It will be found that my criteria are sufficiently strict that only a select minority of shares satisfy them. This feature effectively removes the element of gambling from the scene.
One cannot stress this strongly enough … Correct Stock Exchange investment is most definitely not gambling, it is in fact highly erudite.”

Of course, for every quote I can come up with, I’m sure someone will come up with an alternative.

Therefore, like most aspects of investment strategy, I believe it’s up to individuals to decide for themselves what they want to use, and what they don’t want to use.

If someone wants to incorporate EMT into their strategy, then their own personal future experiences will show them how effective it is, or isn’t.

IMO it’s generally a case of “What Works, and What Doesn’t Work.”

“Buffettology” is a MYTH, Buffett really invests the way he thinks on a particular year. There are themes, but overall he’s very versatile and not a one trick pony, whether you called the pony “growth” or “value”.