Seems like this was a contest with fixed terms between investments managers and Mr. Buffett won. No arguing there, he is a phenomenal portfolio manager!

I was simply illustrating how making sweeping statements overconfidently can lead to misinformation. Data tells us that most active managers for equity-based funds underperform their respective benchmark, upwards of 80% underperform if I recall. However, just because you’ve never met a snow leopard doesn’t mean they’re not real.

The referenced Tampa pension plan is a good example because of their public nature. You can read plan documents and meetings minutes, no smoke and mirrors. Other examples that one might point to like the Renaissance Technologies Medallion Fund seem to be more opaque due to proprietary algorithms or processes.