True. But you haven't propose alternative for Malaysians. That might be true in US (not many funds can beat the S&P500, those that do will have money automatically flock to them).

Besides, fund like Kenanga Growth Fund have shown time and time it have manage to beat KLCI, If one were to invest in KLCI (as what you are implying vs one were to invest the same amount into Kenanga Growth Fun, one would have made more money with Kenanga Growth Fund).

Berkshire hathaway is still an active fund. His advantage was he bought when world economy is booming.

Past performance is not an indicator of future results.

Berkshire hathaway doesn't trade stock actively like u.t.