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巴菲特的投资神话并非偶然，通过详细分析，发现他的成功主要源于对价值、低风险和高质量股票的杠杆化投资。研究显示，巴菲特的夏普比率为0.79，通过1.7:1的杠杆率提升了风险和回报。其投资组合集中在安全、低价、高品质的股票，这些特征的股票本身具有良好的市场表现。因此，巴菲特的成功在于运用投资策略而非运气。
Abstract
Berkshire Hathaway has realized a Sharpe ratio of 0.79 with significant alpha to traditional risk factors. However, the alpha becomes insignificant when controlling for exposures to BettingAgainst-Beta and Quality-Minus-Junk factors. Further, we estimate that Buffett’s leverage is about 1.7-to-1 on average. Therefore, Buffett’s returns appear to be neither luck nor magic, but, rather, reward for leveraging cheap, safe, quality stocks. Decomposing Berkshires’ portfolio into ownership in publicly traded stocks versus wholly-owned private companies, we find that the former performs the best, suggesting that Buffett’s returns are more due to stock selection than to his effect on management.
伯克希尔哈撒韦实现了夏普比率为0.79，与传统风险因素相比具有显著的阿尔法风险。然而
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