Below is a study of the long-term success of Warren Buffett and Berkshire Hathaway. The conclusion of the report is not exactly shocking:
"We find that Berkshire’s portfolio of publicly-traded stocks outperform private companies, suggesting that Buffett’s returns are more due to stock selection than to a direct effect on management."
Buffett's Alpha - Frazzini, Kabiller and Pedersen
"We find that Berkshire’s portfolio of publicly-traded stocks outperform private companies, suggesting that Buffett’s returns are more due to stock selection than to a direct effect on management."
Buffett's Alpha - Frazzini, Kabiller and Pedersen
