Does Buffett not grasp risk-adjusted returns?

In his latest investor letter, Warren Buffett says everyone should be in low-cost S&P 500 index funds - except for Warren Buffett, of course. Buffett has handily outperformed the benchmark, with Berkshire Hathaway shares gaining 20.8 percent annually on average since 1965, compared with 9.7 percent for the S&P 500. If you thought this performance…
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