This is an interesting read for all investors. In the written essay below, W. Buffett asked the reader to imagine a coin-flipping contest where every citizen in the U.S. participates. Every morning, the participants pair off. Everyone wagers $1. The person who correctly calls the toss wins $1. The loser is eliminated.

As the winners advance, their egos swell. As the field is further culled, the winners (who win by pure luck) get rich. And they believe skill ' and not luck ' has placed them at the top. As Buffett writes, these winners “will probably write books on ‘How I Turned $1 Into $1 million in 20 Days Working 30 Seconds a Morning.’ Worse yet, they’ll probably start jetting around the country attending seminars on efficient coin-flipping and tackling skeptical professors with, “If it can’t be done, why are there 215 of us?”

In 1984, W. Buffett wrote this essay titled “The Super Investors of Graham-and-Doddsville.” Benjamin was a mentor to W. Buffett. You can read the essay here.

http://www4.gsb.columbia.edu/null?&exclusive=filemgr.download&file_id=522