Agreed, it doesn't explain many other outliers too. A classic exploration of this, and a direct refutation of Malkiel is Buffett's own: https://www8.gsb.columbi

Agreed, it doesn't explain many other outliers too. A classic exploration of this, and a direct refutation of Malkiel is Buffett's own: https://www8.gsb.columbia.edu/articles/columbia-business/superinvestors https://www8.gsb.columbia.edu/articles/columbia-business/sup...