Warren Buffett held his famous speech about “The Superinvestors from Graham-and-Doddsville” at the Columbia University in 1984. His goal was to defend Benjamin Graham’s value investing approach to the stock market, while challenging the Efficient Market Hypothesis, which claimed his and anybody else’s success at beating the market is pure coincidence, because the market is efficient and the market price of securities is the right price at any given moment. Buffett mentioned nine funds, which have been consistently beating the market averages over the years by following the same value investing philosophy Graham and Dodd taught. The Efficient Market Hypothesis has been falling in and out of favor since 1984. Buying undervalued stocks, on the other hand, has made Warren Buffett, William Ruane, Charlie Munger and many others the superinvestors of the world.