Let’s imagine for a moment that rather than take Warren Buffett’s advice to buy a broad market index tracker, you would prefer to buy Buffett’s Berkshire Hathaway.

In my Middle Road article in this issue, I refer to the paucity of understanding about what Buffett gets right. Excellent work was done in this area by bright researchers at quantitative asset management firm AQR. Buffett is known for scorning academic research, but this was well-considered work that broke new ground (and the AQR team didn’t forget to be complimentary!)...

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