Think of all the money managers who borrow their talking points from Warren Buffett. They might sound like Buffett, but they don’t know how to invest the way Buffett does. They’re imitators. Charlie Munger once commented: “It’s very hard to tell the difference between a good money manager and someone who just has the patter down.”
How do you tell the difference between an expert and an imitator?
Here are some things to look for: