<<It's the combination of capital allocation and risk judgment that counts over the long run. And it takes the long run to find out.<<

Absolutely, Tex.

And if you “don’t lose” while winning big on occasion, TIME creates results almost hard to comprehend. I was just thinking: I’m today a “not ancient” age 66. I was an adult living in Omaha when Warren was then a not-young, veteran of 3 to 4 decades of investing via his Partnership & then Berkshire. Warren was very rich, a Billionaire. When there weren’t many.

The concensus was “well he’s had a heck of a run—maybe another decade or so would be nice—but obviously his major wealth accumulation is in the rear view mirror. Too late to get on that train”.

In fact…yes, that lifetime run til then of 24% annual average gains WAS over. Size IS an anchor of growth. The future growth rate predictably dropped—a lot. Too bad?

But after that lifetime run—what happened? Buffett went on to earn 99% of his total lifetime wealth. AFTER that.