Buffett’s Zurich Acolyte Says Odds of Beating Market Keep Fading

Guy Spier keeps a bronze bust of the late Charlie Munger of Berkshire Hathaway Inc. in the hallway of his Zurich office. Yet the hedge fund manager, who has just closed up shop, says Buffett-and-Munger-style stockpicking doesn’t work any more.

Spier, 60, has returned the client money in his $470 million Aquamarine Fund after doctors in September found that his glioblastoma, an aggressive form of brain cancer, had come back.