Buffet has a methodology that makes sense. That is a better explanation of his success than positing that it was random luck. In general, though, if you look a

Buffet has a methodology that makes sense. That is a better explanation of his success than positing that it was random luck. In general, though, if you look at mutual funds and hedge funds, I suspect that a lot of the winners and losers can best be explained by random luck. So in that sense, I agree with you. I haven't read Fooled by Randomness yet but it's on my bookshelf ;)