As he notes, the sample size is ridiculously small. It's simply too likely that he got lucky with 1 or 2 companies in his "respond" group.
e.g., if he wrote these letters in the the early 90s and Buffet responded, he's immediately skewed his returns up because Buffet outperformed the market SO much in the 90s. That's likely luck, not replicable skill.
Otherwise, interesting article and the 1/3 response rate is surprisingly high.
No.
As he notes, the sample size is ridiculously small. It's simply too likely that he got lucky with 1 or 2 companies in his "respond" group.
e.g., if he wrote these letters in the the early 90s and Buffet responded, he's immediately skewed his returns up because Buffet outperformed the market SO much in the 90s. That's likely luck, not replicable skill.
Otherwise, interesting article and the 1/3 response rate is surprisingly high.