[SebForLiberty]

Haha yes, actually Warren Buffet "only" did 20% a year, by being leveraged in average at 1,4 and with an average cost of money of 2% a year, so at the end his average return on investment (not equity) isn't a lot more than the market....

I'd be quite happy with that figure at present. It is interesting that the leverage is not widely reported on when he is often quoted.

Honestly i didn't get your questions, i'm sorry, my English isn't perfect yet.

Your English is good enough.

It was a rhetorical question. A question that was asked to prove a point or make an example. No answer was expected.

I would be happy too with 20% a year in average, but anybody could have achieve 12% a year simply by buying an ETF on the SP500. If you use 1.4 leverage with borrowed money at 2%, then you would have enjoy a 16% annual return. So Warren Buffet stock picking abilities beat the market by "only" 3 points. That's my point. However not everybody could have borrow money for decades at an average cost of only 2% since not everybody own insurance compagnies and Banks like Warren Buffet (throught his investment compagny).