“We get this question a lot from the enterprising young. It’s a very intelligent question: you look at some old guy who is rich and you ask, ‘How can I become like you, except faster?’” Charlie Munger
I learned so much in this piece about a man I've read souch about. I particularly liked the focus on developing human capital
Great article Fred.
As much as people love to imagine themselves being the next Buffett, 99.9% of them are probably over the age of 11. Therefore having his track record is nearly impossible. I realized that I could be a fraction as good as Buffett and I'll still do very well despite starting much later and having a much lower IQ than Buffett. My goal is to take as many great lessons from him as possible and learn to integrate them into my investing philosophy. I think that's the best I can do.
An unusually good discussion of what is often a trite topic.
Looking back at what happened to Bankman Fried and the collapse of FTX this month, you could not have greater evidence that the Buffett Curse lives on...
I agree, you can't copy you need to innovate. That's how to get returns.
That said, do you agree with the notion that much of buffet's success can be attributed to being 2x levered? i.e. he levered up quality companies during the biggest bull run ever and his stock picking had little to do with it (i.e. see the paper "Buffet's alpha" by Frazzini et al)