If I subscribed to the efficient market theory I would still be delivering papers
Interpretation
The quote suggests that even if market theories claim efficiency, practical experiences may lead one to make decisions contrary to that theory.
Warren Buffett highlights a skepticism toward the efficient market theory, which posits that all known information is already reflected in asset prices. By stating that he would still be delivering papers, he implies that real-world conditions and personal insights can guide actions that deviate from theoretical models, emphasizing the importance of practical knowledge over purely theoretical beliefs.
In practice
In a financial seminar discussing market theories, this quote could illustrate the importance of experience over theoretical knowledge.
I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot - and it's a lot - it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.
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