It seems that many people that we all know do become quite
rich as investors, and the secret to their good fortune is
not apparent. Studies promising us "they'll all lose in
the long run!" makes us feel good about our decision not
to participate in the game.
Nowadays, much like YC, he's a brand, so while he might be a very smart and capable investor, it's his deal flow that puts him in such a strong position. He gets calls normal people don't get because he's made a name for himself over the past 50 years and people want his name for their company, as much as anything else.
I wonder what lesson can be drawn from all this. The primacy of reputation in today's world?
A smaller investor who tried to duplicate that strategy would have been stopped out due to margin calls. For example it isn't everyone that can sell, and hold, a ten year billion dollar put on the S&P 500 like BRK did in 2008.