The Defending Enterprise brother on the role of luck as determinants in success and failure. Worth remembering:
Second, results attributable to skill should not show mean reversion, so whether you are a Major League hitter or a professional investor, where you lie on the continuum will determine the rate of mean-reversion your results experience over time." (emphasis in original)Right. So my question back: Have Warren Buffett's investment results reverted to the mean?