The whole argument centers around the notion that people are, compensated for wealth creation. But it seems like some of the most highly compensated professions (short sellers, personal injury attorneys, the people who created and promoted default mortgage swaps, etc.) have absolutely nothing to do with the generation of wealth. In the case of short sellers, they actually profit off of the destruction of wealth. Furthermore, among those of us that create wealth, we are not 'fairly' compensated, not in the sense that he attacks, but in the sense that those of us who create the most wealth are very often not compensated the most. Consider engineers that invent new technologies, but the patents are owned by the companies. Consider the company that has the superior product for the superior price, but cannot compete with the advertising of the already existing gigantic corporation. Consider the gigantic corporation that lobbies to change regulations to their own benefit at the price of competition. If the market simply rewarded wealth creation, Graham would have a much stronger arguments, but the list of behaviors it rewards is an awful lot longer, and contains an awful lot more unsavory actions, than he seems to acknowledge or consider.