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Motley Fool on Rothbard

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08/16/2004
From a recent Motley Fool "Post of the Day": "Warren Buffett once scoffed at the idea of efficient markets by saying that if they were efficient, he'd be a bum with a tin cup, or words to that effect. "In his great treatise _Man, Economy, and State_, Murray N. Rothbard pointed out that entrepreneurs make profits not by being correct in their entrepreneurial undertakings in an absolute sense (remember, there's no such thing as perfect information and even the best investors err), but by being more nearly correct than their less well-informed competitors. "Buffett has spent at least half a century proving Rothbard's point."

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