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Without gainsaying (read: without admitting or denying) WEB's ability to earn 50% these days, he must be joking that better information makes it easier to do this. After all, this means that the competition is also better informed, of which there is a heckuva lot more.

When Soros & Rogers, Steinhardt, Wilson, et al. were shooting the lights out three decades ago in a more difficult market (and leaving Berkshire in the shade, I think), they did it with better research than everyone else. Everyone else was a much smaller set. Wind them up and set them loose today with WEB's cash and you won't see them profiled in Dow Jones' publications the next decade. It's harder to gain an edge, not easier; and harder still to gain an outsized lead. Unless I'm seriously deluded, which is always possible.
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