[btilly]

Early in Buffett's career he had the advantage of believing in value investing before that idea was widely accepted in the broader market. It is easier to make a profit in an inefficient market than an efficient one.

The inefficiencies that he was exploiting are generally harder to find these days. But today he has other ways to make money.

This is not to say that he is not an extraordinary investor - he is. However he's benefited from many advantages beyond just raw investment talent. And as a practical matter, any investor who thinks that they can easily replicate his success is likely to fail.