Buy and hold? Index investing? These are the myths of "successful" investing developed by the mutual fund industry and armies of financial advisors. Here is an index of hedge funds from Hedge Fund Research against the S&P500 over a 5-year period. Even for this year the S&P500 is flat while the HF index is up over 5%.
Buffett's bet on the S&P500 against an index of funds over a 10-year period has a long way to climb out of the under-performance hole.