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While I respect Buffett, I do not use him as a role model, I use Ben Graham. Buffett uses 85% of Graham's methodology.

The difference is Buffett is smarter than me, spends more time researching and hedges like hell into stocks he is certain of. I'm not smart enough to be certain of any stocks the way he is. He does hold though, that article is complete bollocks, one of his favourite sayings is "our favourite holding period is forever".  I do not believe he has ever sold any Coke shares, probably not Gilette, Washington Post or Amex either. He's holding forever - or at least until he gives it over to charity I suppose.

I do not believe pissant investors like ourselves should follow Buffett's methodology, I believe they should follow Graham's. Buffett is in a different league, Grahams theories work for the common man. The main difference is do not take margin loans and do diversify and leave money in the bank just in case - aim for adequate returns.  That way you are not risking losses the way a Buffett investor is.

Graham's theory is buy many different successfull undervalued companies and sell them if they become overvalued, minimise tax but it is unavoidable. Buffetts theory invest all your money and OPM into a few awesome companies and hold forever even if they become overvalued and don't pay tax.

Graham's the man to study, Buffetts just a freakish investor that is near impossible to emulate.