Social Capital founder Chamath Palihapitiya highlighted a striking pattern in Warren Buffett‘s investment performance, revealing how regulatory changes fundamentally altered returns for even the world’s best investors.

Berkshire Hathaway’s Alpha Vanished After 2000 Regulatory Shift

Speaking with Jason Calacanis on the All-In Podcast episode released Saturday, Palihapitiya shared data showing that Warren Buffett generated twice the market's returns before the implementation of Regulation Fair Disclosure in 2000.

“Markets thrive when there’s asymmetry,” Palihapitiya stated, explaining how information advantages drove superior performance.

The Reg FD Impact

Reg FD prohibited corporate executives from selectively disclosing material information to individual investors, a practice that was not illegal before 2000.

Palihapitiya described how investors previously ...