Do you know the date of the quote?
Could it be that the 73-74 stock market crash was the last time the market had crashed at the time of the quote?
I like these quotes too.
"I'm 15 percent Fisher and 85 percent Benjamin Graham."
"The basic ideas of investing are to look at stocks as business, use the market's fluctuations to your advantage, and seek a margin of safety. That's what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing."
Perhaps you like them too, unless you think Fisher, Graham, and Buffett are all wierd.
It took me less than three minutes to find this (Google):
"Ben Graham wanted everything to be a quantitative bargain. I want it to be a quantitative bargain in terms of future streams of cash. My guess is the last big time to do it Ben’s way was in ’73 or’74, when you could have done it quite easily."
there are about six different things buffett could have said each of which could be sloppily summarized as "you can't do it ben's way anymore". the assertion that graham-and-dodd style value investing is now obsolete is not one of the likelier candidates. how sure are you that you didn't just misconstrue buffett's quote so that it agreed with your preconceptions?
not that i'm saying that's exactly your MO when you talk valuation.
Thanks for the kind offer to discuss BG, but I've given up on him. Even WEB remarked about a decade ago that you can't do it Ben's way anymore, so why bother?
Personal integrity is important to me. If your business partner is less than honest with his wife doesn't the thought at least cross your mind that maybe he isn't being totally honest with you too? Contracts are contracts.