"That may be true if you bought the index. (Which is what Warren Buffett advises everyday investors to do - not use the value method of investing.)"
It is apporpriate for Buffett to recommend passive, index investing to the 'average' investor. I advise newbies to simply buy Argo shares regularly and ensure a more than satisfactory long-term return.
Buffett knows that not everyone can replicate his methods, ie concentrated stock picking. He is after all a very smart, well educated man, with 50 years experience of full time work in evaluating businesses and investing his money.
Facts of life. Buffett is better than me, I am better than you.
