I mostly agree. But "playing the market" as its normally understood involves trying to make money on the market within a fairly short time frame, by buying low

I mostly agree. But "playing the market" as its normally understood involves trying to make money on the market within a fairly short time frame, by buying low and selling high. I believe Buffett has many times said that the market is a casino in the short run (playing the market) but becomes an accurate "weighing machine" over the long run (buying and holding for five, ten years or more). E.g., http://www.youtube.com/watch?v=-aYEOsZgRm8 http://www.youtube.com/watch?v=-aYEOsZgRm8 So in that sense Buffett does think "playing the market" is a loser's game (that's played by "speculators", not "investors"), though I don't think that's specifically addressed in the linked letter.