> We show that Buffett’s performance can be largely explained by exposures to value, low-risk, and quality factors. That is, they used a factor analysis to dec

> We show that Buffett’s performance can be largely explained by exposures to value, low-risk, and quality factors. That is, they used a factor analysis to decompose his performance by its correlation with academic "factors" which explain cross-sectional stock market returns. In "Buffett's Alpha" by Frazzini, Kabiller, and Pedersen: http://www.econ.yale.edu/~af227/pdf/Buffett's%20Alpha%20-%20Frazzini,%20Kabiller%20and%20Pedersen.pdf http://www.econ.yale.edu/~af227/pdf/Buffett's%20Alpha%20-%20...