[jeromec]

I suspect the pragmatic answer is that there is at least a weak correlation between the publicized 'formula' for success and actual success

What is the publicized formula for success?

By doing something, you expose yourself to fate.

There are millions that do something with the stock market every week. Why is Warren Buffet the only one with his level of investment success?

[vannevar]

What is the publicized formula for success?

Generally something along the lines of 'work hard, work smart, be persistent.'

Why is Warren Buffet the only one with his level of investment success?

No one knows; that's the point of the article. It could be pure chance. Put 1000 people in a room and have them each flip a coin for double or nothing, and in the end you will likely have a person who has made 1000x their original investment. Should we laud the winner's coin-flipping ability?

[jeromec]

So, if I understand you correctly, you're suggesting that before Warren Buffet was even born, he was destined to become the successful investor we know? Further, that he shouldn't take any credit for thinking through all his decisions and coming up with the more profitable choice enough to substantially beat out millions of other investors?

To answer your question, no, we don't laud the winner's coin flipping ability, because, in the absence of cheating, the person's actions and decisions don't influence the outcome. All participants have an exactly equal chance at being the end winner, and nothing will change that. However, some savvy investors, like Warren Buffet, are able to ensure they win over others using the stock market; the difference being that their decision making does directly influence whether they "win" or "lose".

It seems to me you're suggesting investors could use coin flipping to make all investment decisions, and that makes as much sense as trying to decide by other means, since they don't know what they are doing anyway. Correct?