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Evolution of Investment Views and the Rise of Index Funds
Investment perspectives have evolved over time, with Warren Buffett initially favoring companies opting out of competition but now acknowledging the importance of investing in Berkshire instead of the S&P 500. The shift towards index funds and ETFs has raised important considerations for investors. While active managers struggle to outperform the market in an informationally efficient environment, it's challenging to consistently beat the market, which may not always be perfectly efficient.