Readers of this blog know, I am a big fan of Warren Buffett - hard not to be if you aspire to investing excellence.
Over at "Can Turtles Fly" there is an excellent post on Buffett's investment choices. The author breaks his investments into three phases, each of declining productivity, as assets under management and more expensive (and more efficient?) markets increasingly limited his investment choices.
I think the author mostly has it right, and it is definitely worth a read.
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