The link above should enable you to open an extremely informative research paper examining the returns of Warren Buffett and Berkshire Hathaway (BRK.A, BRK.B) and one that may be helpful to the readers of Bill’s Treasury Note. This research paper has apparently been circulating on the trading floors at many security brokerage firms around the U.S. and Canada (no doubt worldwide by now) as noted by an article from a contributor at Seeking Alpha. It’s about 33 pages long, including appendices, and can be dense at times with formulas that look like they could be from a Chemistry text-book. However, I believe it is just one more opportunity to take a look at the economics of arguably the most successful investors of all time, as written from the technical, rational perspective of a finance insider.
http://www.econ.yale.edu/~af227/pdf/Buffett’s%20Alpha%20-%20Frazzini,%20Kabiller%20and%20Pedersen.pdf (if the ‘Buffett’s Alpha’ link at the top of the post does not work, here is a URL to the Yale Dept. of Economics website where the research paper can be viewed – at least for now)