Warren Buffett and the EMH

Greg Mankiw points out that just because Warren Buffett has continually beaten the market, it doesn't disprove the efficient market hypothesis. My own related thought on this is that Buffett's success can be attributed to two main things - his business intelligence and his discipline. The latter of which, I would argue, is what truly made him rich. There are hundreds, if not thousands of people out there who are just as smart as Buffett, but none of them have the discipline to "buy and hold" like he does. That's what sets him apart.