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Which is a lot less risky for an investment manager than to act in accordance with his conviction, as he won´t look worse than his competition if the S&P goes nowhere.
And that in a time when the S&P is so richly valued might give the individual investor, free of such constraints, the upper hand.
He does say it's in his personal portfolio, but it's for public consumption so there could be an element of what you say in it.
Larger quote from Tilson:
In my August 19 e-mail, I discussed why, for the indexed part of my personal portfolio, I reduced the allocation in a traditional S&P 500 fund from 100% to 40%. I then put 40% in an equal-weight S&P 500 fund and 20% in an international fund.
Today, assuming the funds are in a tax-free retirement account, I would trim the two S&P 500 funds by 10% and add a 20% Berkshire stock position. This would result in a 30/30/20/20 allocation.
