> The author uses Buffets essay to justify value investing Those using Buffet's name should also look at the time and effort Buffet puts in to pick stocks. He

> The author uses Buffets essay to justify value investing Those using Buffet's name should also look at the time and effort Buffet puts in to pick stocks. He sifts through reams of reports, cash flow statements and what not. And to top it up you need deep pockets and emotional wherewithal to not blink when your value investment bets are not doing well. "Value investment" sounds cool but is not for a typical retail investor. As you rightly pointed out retail investors are best served picking up an index fund or 2-3 mutual funds if they are seeking to diversify.