He made 40% per annum on his good investments. some years he made more then 100% some year he was in negative return like in 2008. but he never sold his investments and recover the losses, not only recover the loss but also made a decent gain on them,
Berkshire hathway ticker was down 50% top tick to down in 2009 jan. but now its past, his actual returns was/is 40% per annum by average. bty i don't have any record of his bad investments, all were accurate investments, good companies @ cheap price.
well i think that positional trading is a speculation, buying cyclical companies, buying companies because there is change in interest rate, rupee etc. so I really cannot say anything on this.
what I have learned from my extensive research on his holding is that, one should invest into a businss like you'll never have to sell it again, examples are ITC, Asian Paint, Pidilite, page industries, marico and so on.. these companies are compounding itself just like coca-cola, walt Disney etc (buffett's holding).
I have a list of 150+ companies and im done with 25% of them in last 1 week. once done, i will start posting my analysis which i hope should help others in their investments.