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>There are plenty of people who disagree about Buffet - Nassim Taleb who wrote "Fooled by Randomness" is among of those. I can't find the source, but I believe
by graeme 10y ago
>There are plenty of people who disagree about Buffet - Nassim Taleb who wrote "Fooled by Randomness" is among of those.
I can't find the source, but I believe Taleb was misquoted (or misinterpreted) on Buffet. Taleb indeed makes the general argument that most high performers are just lucky. But he doesn't say that all are. He just says: you can't tell.
As for Buffet, he complained he hadn't meant Buffet was unskilled. He meant Buffet was skilled and had luck. Which is a plausible interpretation. You likely need skill to get to Buffet's level. But those with the skill of Buffet don't all end up at Buffet's outcomes: Buffet would be at the high end of the distribution of those that had his level of skill to work with.
At least that's how I interpreted it. I believe Taleb's subsequent commentary on this was in Black Swan or Antifragile. It involved the phrase "for Baal's sake" when complaining about how people had interpreting him as saying "Buffet is pure luck".
- jondubois 10y agoI didn't claim that Buffet is unskilled either. He was always well qualified to do his job. But his success doesn't necessarily say much about his ability.
- ng12 10y agoI don't think it's really a useful thing to think about. Are there good writers, or just qualified writers who luck into writing the right stuff at the right time? You can apply that logic to almost anything.