The lesson for regular mortals is not to imitate Warren Buffett; that makes no more sense than trying to play tennis like Roger Federer. Each of them has an inimitable skill. If you lack Buffett capabilities, you will get chewed up as a stock picker.
These master investors don’t have to worry about the competition, since few others possess the complementary skills for their types of investments. We all need to understand, as best we can, our limitations when it comes to the stock market.