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Jono, I think that their biggest disadvantage is that they are forced into selling their winners by some of their having a 20% of portfolio ceiling on individual stocks.
eg $100m portfolio with $20m in stock ABC. ABC doubles in price in 3 months, all other stocks stay roughly the same. ABC now represents 28% of the portfolio and MUST be sold down even if all indications are it is still undervalued and will probably double again in the next 2 years.
If it does keep rising they are forced to sell down further.
ie They are not allowed to keep a position in a long term winner.

And they are forced into buying volatile large stocks at their peak by short term trends only to watch them fall-eg Newscorp in the not too distant past.

Rule 1 - Don't lose money
No doubt about it Buffett is a mastermind.LOL

You can joke because it sounds so simple, but how many can beat the index year after year after year, decade after decade.
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