Well first, Buffett still buys lots of shares in public companies. His first few decades were almost entirely public companies. Second, any investor running an

Well first, Buffett still buys lots of shares in public companies. His first few decades were almost entirely public companies. Second, any investor running an investment fund can make offers on private businesses, and get the same tours. Its not an informational asymmetry, it's what you do with it. Walter Schloss is another great example. Beat the market by 5% a year for over 40 years, did it buying exclusively the doggiest public companies. He was the ultimate cigar butt hunter. His advantage wasn't information Wall Street didn't have, it was his willingness to use information Wall Street wouldn't, to invest in opportunities they would not. Buffett does have one informational edge, his experience and judgement. He knows how value works, he has total confidence it works, and he never panics, even when down 50% in 2008. He never leverages himself in a dangerous manner, never gives someone else control over his decisions.