On this our last class day prior to finals and graduation, we graduating MBA's wish to publicly record our appreciation for your instruction. Since we all followed the Yahoo WAC board, we thought it appropriate to do it here.
We have learned so so so much from you! We were blessed to watch you do actual stock analysis and make actual trades on line during our class periods. Every single position we discussed in our finance 420 and 421 classes turned out to be profitable.
You taught us the invaluable concepts of Mr. Market and his irrationality, Margin of Safety and Intrinsic Value.
You emphasized over and over that investing is simple but not easy because of the emotions involved. The problem is that investors try to buy low, but at the same time want to agree with the majority view. You emphasized that the combination of a cheery consensus and low prices is nonexistent. One can never buy something at a cheap price when everyone else agrees with you. As a result, most buy high with the hope of selling higher but unfortunately end up selling low. You demonstrated this by playing with haveseen on this board. The lesson was learned loud and clear, although most of us are not convinced that you are not also haveseen.
We will never forget your graciousness and patience with us as we struggled to divest ourselves of the myths of Wall Street.
We will never forget you nor the lessons and wisdom you imparted to us. Thank you, thank you, and thank you, "Professor Ben"!!!!!!!!!!!!!!!!!!!!!!!!!!!