Seeing that he has named a possible successor, Megan goes on to explain why his success is unlikely to be replicated:
The lure of value investing is that all you need is common sense, hard work, and the courage to resist your own greed, but in fact, Buffett's intelligence is really singular. Reading his thoughts on the bubble in 1999, you're struck not merely by his courage in naming the bubble, but his ability to crystallize such an incisive critique of the prevailing zeitgeist. Moreover, the kinds of stock values that made Buffett rich are thin on the ground these days--the proliferation of screening tools, and other sorts of company information, means that few people are able to make money simply by identifying "hidden gems". Buffett has survived through a combination of unique vision, good management, and the magical effect of the Buffett name on the investments he does choose to make. It's going to be hard to impart that to a successor.
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