Buffet is misquoted there , he actually says the best way for the average family to invest is a low cost index fund ( and avoid debt ) , see what he does for his wife. He has wealth on a scale normal people do not. He can buy a WHOLE company. As for the quote :“Own the best and leave the rest, "  thats precisely the problem no one knows CONSISTENTLY who is the best.  We could list many companies that were household names that are not now, Blackberry. Enron, Kodak . Jack Bogle has a good saying : " stop looking for the needle in the haystack and buy the haystack" . 99% of advisors dont want to say that as they cant charge 2.5% for it. There is a saying , " no man is so blind to an opinion as when his living relies on that opinion being wrong". Massive group think in finance and putting shareholders first instead of clients has to stop . They even managed to sabotage CRM2 and water it down.