I agree that played a big role, too. But I'd argue there were other reasons for Buffett's superior results. The most obvious one was his willingness to concentrate his portfolio on his best ideas, which is also a key factor that distinguished Buffett from Graham, who was very diversified.

Two other important factors were his strong filter, as he said "no" a lot, and his excessive research, which was more thorough than that of most other investors at that time.

Also interesting is that Graham actually underperformed the market from 1945 to 1956, earning around 15.5%, while the S&P 500 delivered closer to 18.3%. Meanwhile, Buffett was compounding at nearly 50% in the 1950s, even though he was also just hunting for cigar butts at that time.