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Buffett: The Buy and Hold Outlier

Consider recent feedback:

Michael, I have a question for you. I’ve already read The Complete TurtleTrader (multiple times) and am in the process of reading Trend Following. Being 35 and an accountant, I don’t know why I had never picked up on trend following before. I’ve always been a fundamental guy… And I say I don’t know why I didn’t pick up on it because I think the efficient market theory is crap. I say all this because I think it sets up my question. In episode 111, interview 2 with Nick Radge, you say Warren Buffett is a bad example for the average fundamental investor to consider because he is such an outlier. I understand the logic here and agree. My question then, is aren’t Dunn, Harding, Dennis, Abraham, Parker, and Henry also outliers in the trend following world and therefore not necessarily examples most tend followers should use? Regardless, how they approach trading is having an impact on me and I will continue down this rabbit hole, I was just curious regarding your thoughts on comparison to examples.

There is one Buffett.

How many trend followers are across my five books executing similar strategies?

Note: It is also worth noting that Buffett’s strategy is of course not buy and hold. It is a complicated strategy involving insurance company proceeds, derivatives, political advantages and core holdings held for a very long time. Not sure how that can be emulated.

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