Search+Intelligent InvestingSynopsisIn a bull market, everyone looks like a genius. Warren Buffett, having just booked what he believed was the largest one-year gain any American business had ever made, refused to take the bow. He told his shareholders a big part of it was pure luck. And then spent the rest of the letter teaching the single skill that matters most to an investor: How to tell whether a result came from ability or from a rising tide. The answer separates the managers you should trust from the ones you should flee, and the businesses that last from the ones that will die.After almost two years of a bearish phase in the Indian market, many investors would be feeling exactly what Warren Buffett described many years ago. It was relevant 20 years back and is even more relevant today – and it is very likely to stay relevant 20 years from now. Because the market will keep witnessing such phases every now and then. Nothing hides the truth like a bull market. When prices rise, almost everyone makes money, and almost ETMarkets.com 25 mins readJul 30, 2026, 11:02:00 PM ISTGift this Story to your friendsFONT SIZEAbcSmallAbcMediumAbcLargeSAVEPRINTCOMMENTContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories & personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions & in-depth stock reportsSubscribe NowETUh-oh! This is an exclusive story available for selected readers only.Worry not. You’re just a step away.What’s Included withETPrime Membership