David Rosenthal: belief

Transcript context

…It depends what you mean better investors, because I actually don't think so, depending on how you think about this. I'm not sure that you can do what Warren did over his career with the career starting today without taking on a lot more risk or a lot more leverage. It's just so competitive to be an investor now. I suspect if we set a million people free over the next 70 years, there will be someone who outperforms Warren, but they will have done it with a lot more risk involved. There's a lot more luck in being the one of those million that does better than him. Okay, so here was my thinking on that. I tried to think of it like I did not run the numbers so I may just be way off, we can debate. I tried to think of a tangible example and the tangible example I've thought of is Sequoia Capital as a whole. When was it? ’72, they're coming up on 50 years next year. We don't have their aggregate returns across all their funds, but I suspect they might be as good or better than Berkshire. Interesting.…

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