After a successful investment career that produced an indisputable track record, Warren Buffett still couldn't fend off all the doubters. I find this piece from theatlantic.com. Comments? Anyone?:
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Warren Buffett began his investment career in the 1950s, just as the era of maximum structural advantage for investing in low-P/E markets began, and has conducted his entire investment career in such an environment. Now, there are lots of value investors, and only one Warren Buffett; his implementation of this investment philosophy is clearly extraordinary. But would he have been as successful had he been investing in the first half of the 20th century (or, potentially, in some future period with different characteristics)? In other words, is an orientation to value investing inherent to Warren Buffett's hardwiring - in which case his luck is not flipping a million coins in a row the right way, but is instead the one lucky event of being born into an investment era matched to his inherent nature - or does his investment capability operate at a yet-higher level of abstraction that would have enabled him to develop and deploy a different non-value-based investment philosophy had he been investing in a different era? That's the $64 billion question. Given his age, it's unlikely that we'll ever have a definitive answer.
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