Part 2/9:
In his video, Ben Felix illustrates how Warren Buffett, despite decades of impressive market returns, has not outperformed the S&P 500 index or the Vanguard Total Stock Market Index Fund over the past 22 years. Felix attributes this underperformance to "diminishing returns due to scale." As Buffett's investments grow larger, the difficulty in finding market-beating opportunities increases. This revelation raises essential questions about whether any stockpicker can consistently follow in Buffett’s footsteps.