Actually I thought that article was one of the better articles I've read on Buffett and value investing. Maybe I was just noticing an issue that I feel is the most important reason WEB is a successful investor. Value investing, almost by definition, can be accomplished by using a formula...similiar to Greenblat's Magic Formula. Academic studies have shown that this method performs slightly better than just picking random stocks (which is like the returns from a total market index fund). However TRUE value investing is having accumulated so much knowledge over years, which includes reading everything in the news, every companys' annual reports, 10k's, 10q's, reading industry specific literature, knowing managers personally, and in general using a latticework of mental models...in order to actually be able to KNOW when a stock is truly undervalued. This of course is way, way, more compicated than sinply using a value formula.
Anyways, there was a whiff of this concept in the article. That's why I liked it.