Buffett used his punch-card analogy in an investment context. It's consistent with his belief that really profitable investment decisions are few and far between. But I think the punch-card analogy applies equally well to life, and to the decisions that define and shape our lives.
Mr. Koppenheffer, of the Motley Fool, dismisses proponents of indexing with disdain, calling them non-investors who "...would rather watch a Dharma and Greg rerun, reorganize their closet, or go to the dentist." Not exactly.