The media is wrong. Warren Buffett is not a value investor and he hasn't been for decades. He was in his early years when he was generating his largest returns, because he had a small capital base and he could afford higher turnover in his portfolio. /1 As he's gained more capital, he's understandably shifted his focus to growth-at-a-reasonable-price while emphasizing low turnover (ideally a holding period of forever). This isn't because it's a better option than value investing, it's because he doesn't really have a choice. /2

1/ I have a confession to make. I'm not a buy-and-hold type of investor. My turnover each year would probably be considered too high by most value investors' standards. Because Seth Klarman has a better way with words than myself, I'll let him explain my philosophy... 2/ "Some investors buy and hold for the long term, stashing their securities in the proverbial vault for years. While such a strategy may have made sense at some time in the past, it seems misguided today.