【假期閱讀】巴菲特-「因子投資王者」?

今次分享的文章非常有趣,作者用「因子投資」(Factor Investing)的角度來分析股神巴菲特的投資表現,結果顯示 BRK.A 的表現與「Value, Size, Low Volatility, and Quality」四個 factors 有著正面的關係。

最出奇的是,若根據分析結果來製造一個「仿製組合」,股神投資所得的「Alpha」其實並不太明顯。不過,單是這「仿製組合」,抑或 BRK.A,的表現,已足夠大幅跑贏大市,可見股神選因子和適應環境變遷的能力相當出眾。

利申:持有 BRK.B,有計劃增持

Warren Buffett: The Greatest Factor Investor of All Time?

By Nicolas Rabener

(“”內為原文內容)

“However, by averaging the factor betas over the last three decades, a clear picture emerges: BRK.A had positive exposure to the Value, Size, Low Volatility, and Quality factors as well as negative exposure to Growth and Dividend Yield.”

“Naturally, this reflects Buffett’s well-known preference for cheap and high-quality firms over high-growth technology companies. Despite recent investments in Apple and other tech stocks, such additions are more akin to existing blue-chip holdings as Coca-Cola rather than pure growth companies like Netflix.”

“The factor-mimicking portfolio helps investors distinguish between alpha and factor returns given Berkshire Hathaway’s significant exposure to common equity factors. The analysis demonstrates that most of the outperformance relative to the S&P 500 is explained by factor exposure, with little alpha generated over time.”

“While Buffett is unlikely to characterize his investment style in these terms, he has demonstrated unprecedented skill in selecting factors, constructing a multi-factor portfolio, and adapting the factor mix over time.”

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