Why is It that I am not Warren Buffett?

This article offers a new explanation of the Warren Buffett’s investment phenomenon. This explanation is different from that offered by the promoters of the value investing who suggest the idea of the existence of a superior investment strategy and from that put forward by the advocates of the efficient market theory who discuss the role of pure luck. In the author’s opinion, Warren Buffett’s investment success is best explained by a purposefully built sustainable competitive advantage over other investors in a particular market niche. This part of the success story is costly to replicate and most likely the establishment of such an advantage would take many years. The specific investment strategy and luck play a partial role.