“Here is a puzzle for you to chew on. I assume you will agree that all fund managers want to earn decent returns while beating the market over the long run. Imagine a situation in which a multibillionaire investor shares his secret of getting rich with us every year in a detailed letter. His best practice is widely known and available to everyone, and it hasn’t changed for more than fifty years. We know his advice is invaluable because he continues to amass great wealth by following his teachings over almost six decades. We also know that doing what he does is not difficult to understand or even implement, at least for the professionals. But most choose to both laud him and ignore him.”