With the release of Warren Buffett's latest letter to shareholders (PDF), the Oracle of Omaha is in the news. Which brings up what strikes me as a huge oddities in American business: why is there only one Warren Buffet? There is no rocket science involved in Buffet's investment strategy, and in the aggregate his portfolio does significantly better than the S&P. Doesn't this point to a gigantic market inefficiency? Shouldn't other investors be able to engage in strategies similar to those adopted by Warren Buffett and reap long term returns while being significantly shielded from risk?