And for every Warren Buffet, there are a number of equally competent people who have been less lucky and gone broke taking risks.

And, crucially, whose loss has in turn become someone else’s gain. A lot of people had to lose big in order to fill Warren buffet’s coffers.

I think Warren Buffet doesn't just buy stocks. He also influences the direction of the companies he buys.

warren buffet got rich by outperforming early (threw his dice well) and then using that reputation to attract more capital and use his reputation to actually influence markets with his decisions / gain access to privileged information your local active fund manager doesn't