I agree that Buffet has a great sense for business, but consider for a moment that an individual’s success is a function of timing and luck (probabilities) among many other things such as hard work, etc, etc. I am not calling him a smarter man than us, but he is an expert in insurance and taxes, therefore he has an edge.
Simply put it is an information imbalance he enjoys that gives him the edge. Guts too, because he had to be willing to fail. But if he can reason out that Obama would be better for America, than what can we say about his judgment. Clearly, it is his opinion, but maybe in the political area he might be a tad weak, don’t you think? Unless, he has an insight into the future we don’t which goes back to the information balance I mentioned earlier. I don’t want to deny that he is a smart man, but he is a man, and his decision making is on par with ours.
Simply put it is an information imbalance he enjoys that gives him the edge.
From what I have heard about Buffet, he actually operates with less information than many others. For instance he doesn't even use a computer.