Buffett quotes on Efficient Market Theory (EMT),
The market is generally fairly efficient in evaluating asset classes, but not always efficient in valuing specific businesses.
Source: BRK Annual Meeting 1999
[My experience] has given me a jaundiced view of academia generally. Efficient market theory—that everything is priced appropriately—is bunk. There’s a certain degree to which ideas that are nutty take hold and propagate. Max Planck [remarked about] the resistance of the human mind to new ideas: “Science advances one funeral at a time.”