I'm a pretty serious student of Ben Graham, and just saw this the other day. Pretty disappointed.
"I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. This was a rewarding activity, say, 40 years ago, when our textbook "Graham and Dodd" was first published; but the situation has changed a great deal since then. In the old days any well-trained security analyst could do a good professional job of selecting undervalued issues through detailed studies; but in the light of the enormous amount of research now being carried on, I doubt whether in most cases such extensive efforts will generate sufficiently superior selections to justify their cost. To that very limited extent, I'm on the side of the "efficient market" school of thought now generally accepted by the professors."
So does he totally discredit value investing? I haven't read this in its entire context, so it may not be over. I would love to find out what he actually meant, and how someone like Buffett would respond.