"Am I just entertained by his writing or is the LLP like so many others & just damn hard to compete with the overall market in the long term?"

It may not be just entertainment. A money manager can say extremely insightful and (to you) useful things, yet be not a very good manager of a fund.

"Good" has two definitions: one is that the manager is making a good living, and the other is that the fund is getting higher returns after fees for its investors than equally safe alternatives.

Running a fund for a living requires vast marketing skill, huge box-ticking and regulatory time, a fair bit of organizational/management skill, and barely a pinch of investing acumen (entirely optional, in fact). Successful investing, successful investing analysis and writing, and successful fund management are three entirely different skills. The last one barely overlaps with the others.

Jim
(possibly with none of the above skills, though I am a fairly quick typist)

Berkshire Hathaway FAQ

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