'Buffett really was not a great stock picker': Financial researcher Larry Swedroe on how investors can emulate the billionaire investor

- Larry Swedroe, a financial researcher, believes Warren Buffett's investment style is no longer effective due to increased competition in the market. - Swedroe suggests that index funds can help investors replicate Buffett's success by owning stocks with similar characteristics to those Buffett has bought. - Swedroe mentions companies like Dimensional, AQR, Bridgeway, BlackRock, Alpha Architect as examples of firms that apply academic research for excess returns. - Swedroe emphasizes the importance of momentum trading and systematic investing over market timing and stock picking for long-term success. - Swedroe cautions against active management, which he likens to sports betting, and warns against emotional investing. - Swedroe points out that active management often targets "dumb retail money" or emotional investors who underperform due to incorrect stock picking and market timing. - Swedroe's insights suggest a shift towards systematized, low-fee investing through ETFs or mutual funds for better outcomes in the market.