Berkshire Hathaway Annual Shareholder Meetings (since 1994) cover image

1998-Morning Session-BRK Annual Shareholders Meeting

Berkshire Hathaway Annual Shareholder Meetings (since 1994)

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The Anomaly of Luck

The good ideas eventually try them. The word anomaly I've always found interesting on that because after a while, I mean Columbus was an anomaly. But what it means is something that the academicians could not explain and rather than re-examine their theories they simply discarded any evidence of that sort as anomalous. Charlie, those more about Darwin than I do, maybe you can explain that. Well I don't know about Darwin but I did find it amusing one of these extreme efficient market theorists explained Warren for many years as an anomaly of luck. And he got to six segments, six standard deviations of luck and then people started laughing at him because six, six, six segments of luck is

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