Why Warren Buffett is Unfalsifiable

Berkshire’s core logic is retrospective narrative coherence:

• “We liked the business”

• “We trusted management”

• “It fit our circle of competence”

• “We were patient”

All of these explanations are elastic.

They can accommodate almost any outcome after the fact.

There is no pre-committed condition like:

“If X happens by time Y, this thesis is wrong.”

Without that, ther…