The Smart Fellow Rigs The Game

Buffett used to convene a group of people called the “Buffett Group.” At one such meeting Benjamin Graham, Buffett’s mentor, gave them all a quiz.

“It was a true-false quiz,” Buffett said. “And there were all these guys who were very smart. He told us ahead of time that half were true and half were false. There were 20 questions. Most of us got less than 10 right. If we’d marked every one true or every one false, we would have gotten 10 right.”

Graham made up the deceptively simple historical puzzler himself. “It was to illustrate a point, that the smart fellow kind of rigs the game”.