[gfodor]

The survivorship bias argument to explain people like Buffett is ridiculous. Before you continue to tell myself and others to read up on CAPM, the EMH, portfolio theory, and so on (which I have, extensively), I suggest you read up on Buffett and his approach to investing. He vocally rejected the EMH decades ago, and has continued to produce outsized returns. The proof of the pudding is in the eating and Buffett has managed to be right much more often than the academics and their insane asset and derivative pricing models.