So much for that "but what about Warren Buffett response to a presentaion on why indexing is the best strategy

WSJ today

Warren Buffett’s Berkshire Moves Away From Stock Picking

Bid to buy Oncor is latest sign of the company’s growing reliance on running businesses

...... Buffett rose to fame as a stock picker and continues to invest tens of billions in equities and other securities for Berkshire’s portfolio.,,,
But today, those investments are “de-emphasized,” as Berkshire earns significantly more income from its operating businesses, Mr. Buffett said in his February letter to shareholders. Berkshire has undergone a “gradual shift from a company obtaining most of its gains from investment activities to one that grows in value by owning businesses,” he wrote.

And anyone watching Berkshire past the headlines would have noted this is nothing new:

The conglomerate’s shift toward regulated businesses began in 1999, when Berkshire announced an agreement to buy its first utility business, and accelerated with the 2009 agreement to acquire railroad Burlington Northern Santa Fe