Warren Buffett Wasn’t Just Lucky [STUDY]

Warren Buffett is a hero to many value investors, but some people have argued that he is, as Michael Jensen once put it, the happy winner of a coin-flipping contest. AQR Capital Management analysts Andrea Frazzini and David Kabiller along with NYU professor Lasse H. Pedersen have found a new way to analyze Buffett’s results and have determined that luck alone can’t explain his results. Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) has been more successful than any other stock or mutual fund with more than 30 years under its belt.

Warren Buffett's stock returns

“Buffett’s returns appear to be...