Low beta just means low historic correlation with market returns. It can be computed mechanically with no subjective judgement needed https://en.m.wikipedia.or

Low beta just means low historic correlation with market returns. It can be computed mechanically with no subjective judgement needed https://en.m.wikipedia.org/wiki/Capital_asset_pricing_model https://en.m.wikipedia.org/wiki/Capital_asset_pricing_model If you had invested in low beta stocks, leveraged at the same level as Buffett you would not have performed much worse.