Warren Buffett's Investments

Warren Buffett talked plenty about arbitrage people didn't talk about how arbitrage like Warren buffett But he wrote about it extensively in his shareholder letters. He talked a lot about Accounting things and how they might hide stuff and how it could be look better than it was or worse than it was. And then also the way that the compounding works Having a very high rate of compounding for a fairly long period of time early on has a really big effect on the record over the full period of time So people do underestimate how important the record is when looking at the early days.