Список проголосовавших за комментарий "А. Г., если по-буржуйски читаете:<br/> <a href="/r.php?u=http%3A%2F%2Fdocs.lhpedersen.com%2FBuffettsAlpha.pdf&s=934196420">docs.lhpedersen.com/BuffettsAlpha.pdf</a><br/> <blockquote>However, we find that the alpha becomes insignificant when controlling for exposures to Betting-Against-Beta and Quality-Minus-Junk factors. Further, we estimate that Buffett’s leverage is about 1.6-to-1 on average. <strong>Buffett’s returns appear to be neither luck nor magic, but, rather, reward for the use of leverage combined with a focus on cheap, safe, quality stocks.</strong> </blockquote><br/> <br/> "