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Punoxysm comments on Look for the Next Tech Gold Rush? - Less Wrong Discussion
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Berkshire and Goldman don't just buy-and-hold though; they are a large holding company that actively manages its largest investments and a premier financial services provider respectively.
Genius stock picks are only a part of the story. The more imitable part is finding a genuine business angle that earns the premium.
I never said they buy-and-hold (although sometimes they do -- see Coca Cola and See's candy, for example). The fact that they actively manage their portfolio shows that they are able to pick winners. What they are doing is working.