Is Buffett Getting It So Right of Him?

The way that Buffett and Munger run their portfolios is largely this sort of industrialist approach where you're not really trading in and out. You're trying to find things where ultimately it's the long-term flows that they generate, which is why they've been Buffett in particular has been an acquirer and a whole rather than a trader. When you look at what is predictive, like there is, there's a lot of luck and beta just in holding pretty good stocks enough of them over a long period of time. But if you're looking for predictive stuff, like it's very hard to find anything that's predictive outside of five years, valuations don't matter.

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