I think back to my late father’s love of playing blackjack. It’s the only casino game where the gambler has a (very slight) advantage over the house if he follows a certain set of rules.
The rules are complicated, but they don’t take tremendous intelligence to master. They just take attention and discipline.
Very few people ever learn to follow the rules closely enough to risk getting kicked out of the casino. (Which is what would happen if they actually began to win too much.) My dad never did. He used to laugh it off, saying he just couldn’t help but follow his gut sometimes.
And therein lies perdition. That’s why casinos still offer blackjack.
I think Warren Buffett understands that principle pretty darn well.