Below is a weekly summary of our research findings for 3/15/21 through 3/19/21. These summaries give you a quick snapshot of our content the past week so that you can quickly decide what’s relevant to your investing needs.
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- Warren Buffett on Investing
Results indicate that Berkshire Hathaway alpha is trending downward, suggesting loss of edge. In fact, over the last 10 years, Berkshire Hathaway has underperformed the S&P 500 Index by an average -2.4% per year. Over the last five years, it has underperformed by an average -3.6% per year. - Factor Model of Stock Returns Based on Who Owns the Stocks
Evidence indicates that stocks held by older (younger) and, especially, wealthier (poorer) equity investors tend to outperform (underperform) the market. - Real Bond Returns and Inflation
Evidence from simple tests suggests that relatively low (high) inflation and decreases (increases) in inflation are good (bad) for future real T-note returns. - Stock Market Earnings Yield and Inflation Over the Long Run
Evidence from simple tests on a long sample offers a little support for belief that investors can exploit a relationship between E/P and inflation to time the U.S. stock market. - Re-examining Equity Factor Research Replicability
Evidence indicates that most of the body of equity factor research is valid.
