What's most interesting is operating on a comparatively miniscule budget, digesting 'reams' [more like thousands+ of reams] and applying it 'wisely' when a large component of the market is...the public and uninformed viewpoint of value in a given company. One of the greater mysteries is how humans arrive at valuations, after all; no sane society or group of societies would engage in war or in anything that could lead to it. Need I say more? Buffett has a proven track record; unfortunately the records are tested every day and in every way. I'm surprised Portfolio Managers retain even a portion of sanity...