Yes, he doesn't invest in indexes himself, but it isn't just for the little people. He recommends it for his family. The big secret to Buffet's success is not his picking ability, it is his management ability and good business sense. Yes, of course he does pick to an extent, but he also buys large enough positions to sit on the board and install the right people to make things happen. He also uses his already large portfolio to help create opportunities between the companies he owns.

It's unlikely even Buffet himself could replicate his initial stock picking success over a long period of time and he would be the first to admit that.