[fractionalhare]

No, because Buffett is an individual. The theorem is a statement of aggregate performance.

It's not surprising there exist individual people who are capable of beating the market, just like it's not surprising there exist people who can play sports at an elite level. You likewise wouldn't expect every human to be able to play at the elite level.

Aggregate performance should cluster around a point of central tendency.

[d23]

And as Buffet himself has said: as Berkshire grows in size they will have a harder time beating the market simply because they are becoming a bigger part of it.

[throw0101a]

Buffett hasn't beaten the S&P 500 for a while now:

* https://www.fool.com/investing/2019/12/22/5-reasons-warren-b...

He had a good run though. See "Buffett's Alpha":

* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3197185

[d23]

The second point in your linked article is the exact point I / he was making.

[missedthecue]

I see