I think its more studying 'them' and their temperaments rather...

I think its more studying 'them' and their temperaments rather than their holdings. A clear distinction must be made. Warren uses the same framework that any individual can buy from a bookshop; its the individual, their temperament and thier execution all year round that makes them who they are.

For eg, Swensen is focused on maintaining his % asset class despite market mood. He is an original google investor (i.e private equity play) way before the IPO. Now, this can be interpreted as good luck but he had the temperament to value the potential for the long term. Same goes for Warren & Charlie when they pounced on KO.