You must be very young and naïve.
Buffett started buying stocks at precisely the correct moment in history. Buying all the insurance companies was smart thing at the time. Now he only "invests" in companies that have a government backing and banks that pay him a 5-10% coupon. The man is an insider, despite his Coke drinking and ukulele playing grandpa image. A very shrewd and greedy man
The stock market is a huge bubble right now all pumped up by the Fed reserve. When this thing pops, it's gonna make the 1929 crash look like a picnic.
Every asset class has it's cycle... right now stocks and RE are NOT the place to be.
Buy gold and silver instead.
No, I am far from naive. I know full well the difference between investing in the hay days of the 60's is a different ball game to investing now. Insider dealing was rife.
I don't buy into this "equities are gone" malarki and blanket ill thought out approaches, there are many investors making high returns on Asian stocks, Emmerging Markets, Large cap, Small cap, Commodities, futures....etc you name it.
I liquidated 50% of my holding, and invested it in a Bank in the UK that was bailed out, every single person would have told me not touch a Bank with a barge pole, I was buying their shares in March to June 2012 for an average of around 30p, today they are hovering in the 81p mark, that's a 150% return. Check out Lloyds Bank, ticker (LLOY) to back up my claims.
When it comes to this game, being a contrarian does pay off and doing your research and drawing up substantiated conclusions is the way to go. Calling someone naive is naivity in itself.