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Title: condescending erudition as means of scoring points
Review: It is my impression that Niederhoffer believes he is back on the squash court scoring points against people like Graham for its own sake and not to explicate investment principles. His exegesis of laws of thermodynamics, the history of King Canute, and theories of probability distributions seem intended to show how smart he is and not to communicate anything useful. Ben Graham, like many brilliant people, has said some dumb things. Niederhoffer wrenches them out of context and neglects the fine results of Tweedy Browne and Buffett who use Grahamian metrics.
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