Everyone’s heard of him, everyone’s read about him, many people want to emulate his style of investing, some would pay obscene amounts just to lunch with him, the media adores him, Eugene Fama hates him (maybe) and Bill Gates loves playing bridge with him. Warren Buffett is the all-time greatest investing folk hero of our generation and we can’t get enough of him. Despite his fame and wealth, some people haven’t a clue what he actually does to get rich. Most think he simply buys stocks on the cheap like Coca-Cola and holds it for life, that may be true but it’s perhaps 10% of the whole story. He famously derided derivatives as financial weapons of mass destruction but uses them anyway (in rare occasions) to make money. Is there a disconnect between what he says and does? Is he a hypocrite? No. Is he as simple as we think ......