One thing nobody usually adds to this conversation is the reverse survivorship bias, which is almost more dangerous. It's not just that we only see the winners — it's that the winners themselves, over time, start believing their own story as if it were a method. Buffett probably genuinely believes it was all discipline and patience, because it's human nature to attribute results to skill rather than luck. This is called, if I'm not mistaken, attribution bias, and it combines with survivorship bias to create a dangerous cocktail: the survivor tells the story as if it were repeatable, in good faith, and the listener believes it even more because it's coming from someone who "made it."
Another thing worth exploring in a follow-up piece is survivorship bias inside companies and funds themselves. When an investment fund shows its average return over the last ten years, it's usually only counting the funds that still exist today. The ones that closed along the way, because they had bad results, simply disappear from the sample. This actually has a specific name in finance, survivorship bias in mutual fund databases, and it's one of the reasons published industry average returns are systematically more optimistic than reality.
Good piece either way, thanks for writing this — it's the kind of topic I'd love to see more people talk about without the moralizing "wake up" tone, and actually explain the mechanism instead.