"I’d be a bum on the street with a tin cup if the markets were always efficient” was said by billionaire investor Warren Buffett and published in the April 3, 1995 issue of Fortune magazine. The quotation is frequently cited to show that the markets are not always efficient—some companies are overvalued and some companies are undervalued—and that money can be gained or lost on the inefficiencies.

Warren Buffett’s popular “tin cup” expression has been printed on mugs.


Wikipedia: Warren Buffett
Warren Edward Buffett (pronounced /ˈbʌfɨt/; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as “legendary investor, Warren Buffett”, he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is consistently ranked among the world’s wealthiest people. He was ranked as the world’s wealthiest person in 2008 and is the third wealthiest person in the world as of 2011.

Buffett is called the “Wizard of Omaha”, “Oracle of Omaha”, or the “Sage of Omaha” and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth. Buffett is also a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation.

25IQ
Quotations- Warren Buffett
Efficient Market Hypothesis
“I’d be a bum on the street with a tin cup if the markets were always efficient.” Fortune April 3, 1995

Zazzle.com
Warren Buffett Quote Bum on a Street Efficient Mugs

Google Books
Trouncing the Dow:
A value-based method for making huge profits
By Kenneth Lee
New York, NY: McGraw-Hill
1998
Pg. XVI:
Most value investors, especially those who outperform the market every year, consider the efficient market theory as utter nonsense. “I’d be a bum on the street with a tin cup if the markets were efficient,” says Buffett.

Google Books
Encyclopedia of Quantitative Risk Analysis and Assessment
Edited by Edward L, Melnick and Brian Everitt
Hoboken, NJ: John Wiley
2008
Pg. ?:
For example, in an interview on April 3, l995 issue of Fortune magazine, Warren Buffett said, “I’d be a bum in the street with a tin cup if the markets were efficient”.

The Motley Fool
News Flash: Academics Prove Buffett Talented Investor!
By Alex Dumortier, CFA
January 11, 2008
(...)
“I’d be a bum ...
... on the street with a tin cup if the markets were always efficient,” Warren Buffett told Fortune magazine in 1995. So while Buffett would agree that the market is mostly efficient, that still leaves him room to earn his keep.

He does this by taking action only when a great business becomes temporarily undervalued. “Mostly efficient” and “always efficient”: the distinction makes all the difference in the world.

A journey towards financial freedom
January 31, 2011
Warren Buffett on Efficient Market Theory
“I’d be a bum on the street with a tin cup if the markets were always efficient” – Warren Buffett

Warren Buffett succinctly and perfectly sums up what EMT is all about. I’m also a non-believer of this theory because if the markets were so efficient, Warren Buffett wouldn’t be the 3rd richest man on this planet! If the markets were so efficient, why do booms and busts occur?