Note SP500 is all-large-cap and all-US.

Buffett is no longer beating the SP500 in annual returns.

https://www.fool.com/investing/2019/12/22/5-reasons-warren-buffett-didnt-beat-the-market-ove.aspx is one of the better explanations.

In https://kernelwealth.co.nz/buffett-vs-sp-500/ , When asked whether Berkshire or the S&P 500 would be a better investment for a long-term investor, he did not hesitate to answer that “I think the financial result would be very close to the same”. Note he said “financial”, and only U.S. index can match Buffett’s financial results.

I wonder why Buffett (and many others) still stick to value investing “systems”? A big , complex question, but I don’t mind offering my simple, naive answers.

• I believe value-investing is safer, less volatile, lower beta, higher Sharpe ratio.
• tCost is higher, but I think the investor has better peace of mind than a SP500 tracking ETF investor.