1/ Warren Buffett's buy-and-hold-strategy $BRKB is not for everyone. Buying great businesses & holding works over long investment horizons, but Buffett sometimes went years w/o positive returns (70s). He also didn't beat market for many years after GFC. Patience + high quality. 
2/ The strategy only works when you buy top decile businesses (brand, IP, oligopolies, cash flow machines), not the "exciting" high multiple or high vol trash most on #fintwit buy. The problem is people trying to pretend to be Buffett and buy trash cos with no free cash flow.
3/ Chamath had the audacity to compare himself to Buffett, and tried to buy an insurance company like Buffett's GEICO $BRKB , but $MILE (Metromile) was a dumpster fire sold at a steep 90% discount to its original deal valuation to $LMND.
4/ Also, no investor or investment strategy is perfect. Buffett dumped airline stocks at the lows in 2020 ($4 billion worth) right before they turned around and rallied. He had recently purchased 10% of the world's four largest airlines $AAL $UAL $DAL $LUV...
5/ Buffett also admitted to overpaying for Precision Castparts $PCC, which contributed to a $9.8 billion write down in 2020.
"I was wrong, however, in judging avg amount of future earnings and, consequently, wrong in my calculation of the proper price to pay for the business."
"I was wrong, however, in judging avg amount of future earnings and, consequently, wrong in my calculation of the proper price to pay for the business."
6/ Buffett went from buying "cigar butts" (low multiple, no/low terminal value" early in his career to high cash flow growing businesses later on with the help of Charlie Munger. GEICO (bought for $23.5mn in 1976), would be worth ~$30 billion today at insurance peer multiples.
7/ Other examples of successful investments include Moody's $MCO, a duopoly, Apple $AAPL, American Express $AXP, and Coca Cola $KO.
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