According to @StockMarketNerd, the last Buffett letter underscores that short-term S&P 500 outperformance can be driven by luck, while sustaining market-beating returns over decades requires disciplined thinking and behavior as exemplified by Buffett and Munger (source: @StockMarketNerd on X, Nov 10, 2025). According to @StockMarketNerd, traders should separate luck from repeatable edge by evaluating performance over multi-year horizons and focusing on process quality rather than short-term variance (source: @StockMarketNerd on X, Nov 10, 2025).