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 neither luck nor…