Ordinary people think of Buffett as the "Stock God," worshipping him for stock picking.

Wake up. When it comes to stock investing, he can't beat index funds.
Buffett is playing a higher-dimensional game:
Zero-cost capital pool: His insurance companies provide over $170 billion in "float"—customers pay premiums first, claims are delayed, and this money is available for him to use for free. This isn't leverage; it's "legitimate free riding."
Privileged trading: Engaging in long-term options with large institutions, without needing to post additional margin. The nightmare of retail investors getting margin-called doesn't exist for him.
霸王条款 (Unfair Terms): The structures of convertible bonds and preferred stocks contain terms highly favorable to him—such as restrictions on executives selling shares—while he can exit anytime.
Brand harvesting machine: Shareholder meetings are not for communication but for faith propagation. This makes him a "money-absorbing black hole" for global capital, with high-quality deals proactively seeking investment.
The truth is: he's not a "Stock God," he's a rule designer + resource integrator. In someone else's game, you'll never beat the game designer.