It's 2026, and people are still saying Buffett relies on insider information? This viewpoint makes the classic mistake of 'survivorship bias.' Before Reg FD was introduced, countless fund managers had access to similar information sources. So why is Buffett the only one who consistently outperforms? The answer is simple: Information advantage is a short-term game, while Buffett plays the long-term game of correcting pricing errors + compounding through intrinsic value growth. See's Candies was bought in 1972 and held to this day. Coca-Cola was bought in 1988 and held as a core position for 36 years—this kind of compounding machine that spans cycles is on a completely different level from 'making a call to check earnings.'