text (387): There is the notion of the spurious tail. With 10 million active US investors, >13K will perform "great" just out randomness, >300 will have stellar results.
The way to control for skills is via 1) dimensionality (Soros, yuuge skills), i.e. lack of correlation to known factors, 2) longevity/subperiods (Buffet, yuuge skills), and, further, both of them started when the base was small.
media (48):

text quote (264):I don't like Bill Ackman or Tucker Carlson, but Carlson is mistaken if he thinks Ackman is a useless person with no actual skills. If a useless person with no actual skills could make as much money as Ackman has, there would be millions of billionaires in America.
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uid (27): 1464280101638799360 akrmn21
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uid quote (15): 183749519 paulg