"The Superinvestors of Graham-and-Doddsville" is an article by Warren Buffett promoting value investing, published in the Fall, 1984 issue of Hermes, Columbia Business School magazine.
It was based on a speech given on May 17, 1984, at the Columbia University School of Business in honor of the 50th anniversary of the publication of Benjamin Graham and David Dodd's book Security Analysis.
Columbia Business School arranged celebration of Graham–Dodd's jubilee as a contest between Michael Jensen, a University of Rochester professor and a proponent of the efficient-market hypothesis, and Buffett, who was known to oppose it.
[1] Buffett starts the article with a rebuttal of a popular academic opinion that Graham and Dodd's approach ("look for values with a significant margin of safety relative to [stock] prices")[2] had been made obsolete by improvements in market analysis and information technology.
However, argues Buffett, if a substantial share of these long-term winners belong to a group of value investing adherents, and they operate independently of each other, then their success is more than a lottery win; it is a triumph of the right strategy.
[11] Buffett, despite his untarnished reputation in mainstream business press, remains rarely cited within traditional academia in general terms and the Superinvestors article has been almost entirely ignored.
[1] A significant share of references simply rebut Buffett's statements or reduce his own success to pure luck and probability theory.
[1] On the other hand, Aswath Damodaran, Professor of Finance at the Stern School of Business at NYU, referred to Buffett's findings as a proof that markets are not always efficient.