PAPF,
Buffett, indeed, is a special case, as he doesn't employ much leverage. Have to give credit where due. But, for every Buffett, there are a million buffoons who claim that they can beat the market. Given that kind of odds, I would rather go with the S&P, which has a fabulous performance, too (and Buffett didn't quite kick S&P's ass, BTW) rather than trying to identify the next Buffett.
But, Robertson and Druckenmiller, they leveraged up to their eyeballs and adjusting for that, actually trailed the S&P. They are not in the same class as Buffett, not remotely. And, as their luck ran out, the leverage backfired for them.
-BGR. |
