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The Leverage Effect: How Warren Buffett Achieves Market Alpha by Maxwell Stark at Abbey's Bookshop,
The Leverage Effect: How Warren Buffett Achieves Market Alpha
— —
Maxwell Stark

The Leverage Effect

How Warren Buffett Achieves Market Alpha

Maxwell Stark

$32.95

Paperback

Not in-store but you can order this
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English
Algorithmic
08 April 2024
Investment & securities
Berkshire Hathaway has achieved a Sharpe ratio of
*
*0.76
*
*, surpassing that of any other stock or mutual fund with a track record extending beyond 30 years.

This indicates a substantial alpha relative to conventional risk factors. However, this alpha is rendered non-significant when adjustments are made for the Betting-Against-Beta.

Additionally, it's estimated that Buffett employs an average leverage ratio of approximately 1.6:1.

The success of Buffett's investments seems to stem not from chance or some mystical force but from a strategic blend of leverage use and a preference for undervalued, low-risk, high-quality stocks. Analyzing Berkshire's portfolio by separating the publicly traded stocks from the wholly-owned private enterprises reveals that the former category outperforms, implying that Buffett's impressive returns are more attributable to his stock-picking skills rather than his influence on company management. This insight has significant implications for the understanding of market efficiency and the practical application of academic financial factors.
By:  
Imprint:   Algorithmic
Dimensions:   Height: 279mm,  Width: 216mm,  Spine: 3mm
Weight:   141g
ISBN:   9786236682272
ISBN 10:   6236682275
Pages:   50
Publication Date:  
Audience:   General/trade ,  ELT Advanced
Format:   Paperback
Publisher's Status:   Active

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