Who Is The Next Warren Buffett?
The issue is this, we know that there will be some investor who produces “Buffett-like” returns in the future. The problem is we cannot identify them today. Unfortunately we can only buy tomorrow’s returns, not yesterday’s. And finally, what I tell investors is this: If you look in the mirror and you see Warren Buffett, go ahead and try to beat the market by picking stocks. But there is only one person who when he looks in the mirror sees Warren Buffett. The rest of us should simply accept market returns. If you do so you are virtually guaranteed, if you have the discipline to stay the course, to outperform the vast majority of investors, both individual and institutional. By the way, What Wall Street Doesn’t Want You to Know contains a section called “Buffettology or Mythology” which addresses your question. Also, Wise Investing Made Simple contains the tale “When Even The Best Are Not Likely to Win the Game,” which indirectly addresses you question by looking at the results of large
