Charles Ellis: Does Warren Buffett's success mean anything to the rest of us?

Yale University economist Charles Ellis says that the stock-picking abilities of Warren Buffett do not mean that everyone can replicate his success. Buffett's unique combination of skills and resources cannot simply be copied.

[sschullo]

Agree. Nobody can follow exactly what WB did because his success is in the past. The data is very clear in the past that active management worked for WB, hands down. But all the rest of us, and WB have now is the future. All we know is guesswork, value investing could go down, go up like WB historical success or remain the same. Perhaps growth, bonds, FANG, new companies that have not been created yet will bring on the next hero. We don't know and that's a risk I will never take. I have been a passive investor since the horrible tech crash, and been very happy since.