Buffett scorned the academic theory of capital market efficiency. The efficient market hypothesis (EMH)held that publicly known information was rapidly impounded into share price,and that as a result,stock prices ere fair in reflecting what was known about the company.Under EMH, there were no bargains to be had and trying to outperform the market would be futile. :It has been helpful to me to have tens of thousands turned out of business schools taught that it didn't do any good to think," Buffett said: