But Warren Buffet isn't really a stock investor (he is but thats not where he made his money). So if you're saying he's one of the stock investors playing musical chairs - I don't think you're correct.
Buffet buys "good companies" he invests in businesses more then stocks. If you're saying Buffet made his money by doing what this article said then I think you're right.. ;-)
---
If you look at Berkshire Hathaway Holdings' balance sheet (1), you'll find their largest asset class is "Equity securities." Equity securities == stock.
Most other assets on the balance sheet are consolidated from subsidiary companies in which Berkshire... holds stock.
What most people don't realize is that buying stock is investing in the business.
1) Berkshire's 10Q: http://www.berkshirehathaway.com/qtrly/2ndqtr09.pdf
The other investment is lending, but I don't think you're suggesting that Buffet is primarily making money buying bonds, or getting even more involved with short-term loans.
I consider Buffet's traditional buy-and-hold strategy to be a different form of investing then those that tend to buy based solely on the expected performance of the stock price.