Seems you HAVE read that Yale.edu paper, and understand that BRK's method is mostly simple. Be aware that the source of the leverage is their huge insurance holdings and Buffett's AAAA credit rating so that his leverage is dirt cheap! Do you know that BRK has 300,000 employees? A bluer than blue bluechip!
You correctly understand that Buffett's Buy/Hold policy played a huge role in his success. Years ago funds commonly varied their investment position according to their stock market outlook. They rarely got that right. Often they loaded up at the top and went into cash as the very bottom. Buffett figured out that market timing was actually counterproductive. Better to not even try.
My guess is stock picking played a small role in his success despite all the talk about "stocks with moats." My blue chips have actually beaten Buffett's lately. He did correctly hit on insurance stocks very early on. I have a sizeable position in Travelers Corp. His avoidance of tech investments, tho, was very smart and somewhat radical. IHUBbers usually go for cutting edge fads, and get killed.
Most IHUB traders have blown their brains out with tax- inefficient stock flipping based on whims, hunches and worthless charts.
What's the downside of the Buffett method? It's way too slow of IHUBbers who are looking for the next 100-bagger... and almost always failing.
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Because the Good Life is Just a Pump or Two Away
