Source: Fortune
Why Warren Buffett is $72 billion richer than you
March 10, 2015 3:30pm by Barry Ritholtz
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I was going to say “because he has a lot of money.” ;)
He has $72 billion more than I do, even rounding to the nearest $100 million ;-)
Did you mention, starting with a load of money, at just the right time (a long time ago), and listening to Benjamin Graham – plus eventually using his accumulated capital advantage to screw down labour’s wages?
Or is simply down to being a sage, and living in Omaha? Yes, surely that’s it.
Fitzgerald: The rich are different than you and me. Hemingway: Yes, they have more money.
Bow down and worship.
I read half of Alice Schroeder’s biography of Buffett and put it down because (my reason):
He lives for nothing but the ceaseless accumulation of money.
I’ve been reading about this guy in Fortune Magazine for 30 years by his ‘fluffer’ Carol Loomis.
Is there something peculiarly American about its [or, Time-Life’s, err, ‘Warner’s’ former business masthead’s] infatuation with businessmen as transcendent royalty? Exhibit ‘A’: this superannuated geezer who’s got a line for the rubes, whilst simultaneously ‘surfing the wave’ he decries, e.g. ‘Derivatives are weapons of mass destruction’.
Are Americans this credulous?
What I want to know is where buffet falls on the narcissism test:
http://psychcentral.com/quizzes/narcissistic.htm
and if abnormally low narcissism is a feature of investors who consistently beat the S&P.
Also, where millionaire hedge fund, PE and other active managers who consistently under-perform the S&P score on this test.
The average person is in the 18 range. 30 means your in love with yourself. Doing the test the way I think Warrant Buffett would answer leads me to a 4 or 5.
The chart makes it look like no one can agree what makes him successful. In reality, 1 though 6 (and also 9 and 11) are pretty much the same thing. If you compress those, there is a lot of cross-over.
Compounding is a wonderful thing. But, it’s getting a lot harder these days.
I believe AQR/Cliff Asness’ ‘Robo-Buffett’ simulated him well enough to surpass him.
The primary reason Mr. Buffett is one of the richest fellas, is that he is a willing student.
A majority of the population is not. Mark Twain would have explained that to you in the late 1800’s.